Stamp Duty Concessions Explained
Stamp duty is a tax that is levied on many transactions, including the transfer of land ownership. Although the Australian Federal government do not levy stamp duty, each individual state does, and there are stamp duty concessions for certain people. The origins of this levy go back to the early 17th century in Europe and it was originally put in place to cover the administrative expenses that a change of land title ownership entails, which is still relevant today.
Essential Component Of The Land Purchase
Simply put, in the absence of the genuine stamp, the title office will refuse to change the ownership of a plot of land. This stamp can either be issued by the local government or by an approved stamp duty assessor, who would likely be an established legal firm. If you would like to know if you qualify for a QLD stamp duty concession, make contact with a local law firm that specialises in conveyancing and they will soon be able to tell you how you stand.
Who Qualifies For Stamp Duty Concessions?
In Queensland, first time buyers do receive a stamp duty concession, however, there are certain conditions that need to be met. These would include that the property is to be used solely for residential purposes and that it must be occupied within specific time requirements, and also that the property cannot be liquidated for a given amount of time.
If In Doubt, Talk To The Experts
If you are unsure whether or not you qualify for stamp duty concessions, you should talk to an experienced conveyancing law firm who can very quickly establish your status. It is important to know how much duty you will have to pay if you want to be able to accurately calculate your total expenses, and any good conveyancing solicitor could help you with this. If you have no experience with land acquisition, the law firm that you engage will offer invaluable advice, ensuring that you don’t pay any more tax than you should, and they will keep you informed every step of the way.
Helping The First Time Buyer
The state of Queensland understands how difficult it can be for a young couple to get their feet in the first rung of the property lawyer. These concessions are put in place to help first time buyers, who have many expenses when purchasing a property, and with the stamp duty amount depending upon the sale price, it can be a sizeable amount. Queensland is a very popular location for both retired couples and families alike, and with a growing industrial sector in Brisbane and the scenic beaches along this amazing stretch of coastline, land prices reflect the demand to live on the Gold Coast.
If you are thinking of relocating to Queensland, you certainly wouldn’t be alone, and by looking at online property advisers who can help you identify the best properties in the region, you will likely find the dream home and with a little help from a conveyancing lawyer, the home of your dreams will soon be a reality.
This article brought to you courtesy of River City Conveyancing.