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What is Stamp Duty?
Stamp duty is a government-imposed tax on property transactions. The amount varies depending on the property value, location, and buyer’s eligibility for exemptions or concessions. In Queensland, stamp duty is calculated based on the purchase price and whether the buyer is a first-home buyer, investor, or foreign purchaser.
Stamp duty is a one-off payment that usually must be paid within a certain period after the purchase contract is completed.
Queensland Stamp Duty Rates
Stamp duty rates in Queensland vary depending on the purchase price. Below is a general guide:
- Up to $5,000 – No stamp duty
- $5,001 – $75,000 – $1.50 for every $100 over $5,000
- $75,001 – $540,000 – $1,050 + $3.50 for every $100 over $75,000
- $540,001 – $1,000,000 – $17,325 + $4.50 for every $100 over $540,000
- Over $1,000,000 – $38,025 + $5.75 for every $100 over $1,000,000
Property Price Stamp Duty Rate Up to $5,000 No Stamp Duty $5,001 – $75,000 $1.5 for every $100 over $5,000 $75,001 – $540,000 $1,050 + $3.50 for every $100 over $75,000 $540,001 – $1,000,000 $17325 + $4.50 for every $100 over $540,000 Over $1,000,000 $38,025 + $5.75 for every $100 over $1,000,000
Example Calculation:
If you purchase a property for $600,000, the stamp duty is calculated as follows:
- Up to $75,000: 1.5%
- $75,000 – $5,000 = $70,000 × 1.5% = $1,050
- From $75,001 to $540,000: 3.5%
- $540,000 – $75,000 = $465,000 × 3.5% = $16,275
- From $540,001 to $600,000: 4.5%
- $600,000 – $540,000 = $60,000 × 4.5% = $2,700
Total stamp duty: $20,025
Stamp Duty Calculator
Use the calculator below to quickly estimate the stamp duty you need to pay!
First Home Buyer Concessions
According to the Queensland Revenue Office, first home buyers may be eligible for concessions or exemptions on stamp duty (transfer duty) when purchasing a property to live in. These concessions are designed to reduce the financial burden on first-time home buyers.
The main types of concessions include:
Home Concession:
Applicable to buyers purchasing a property to live in, regardless of whether they are first-time buyers. This concession reduces the amount of stamp duty payable.
Purchase price/value Duty rate Not more than $350,000 $1.00 for each $100 or part of $100 More than $350,000 to $540,000 $3,500 + $3.50 for every $100, or part of $100, over $350,000 $540,000 to $1,000,000 $10,150 + $4.50 for every $100, or part of $100, over $540,000 More than $1,000,000 $30,850 + $5.75 for every $100, or part of $100, over $1,000,000
First Home Concession:
Specifically for first-time buyers, this concession provides additional stamp duty relief when the purchase price falls within a specific range.
Important Update:
From June 9, 2024, the thresholds and concession amounts for the First Home Concession have been adjusted.
For Example:
Properties purchased for $709,999 or less, are eligible for concession of $17,350. However, properties purchased for over $800,000 are not eligible for this concession.
Example Calculation:
Suppose you sign a contract to purchase a home for $695,000 and plan to move in immediately after settlement as your first home.
Using the Home Concession rates:
The first $540,000 incurs stamp duty of $10,150.
The Portion of $540,000 (i.e. $155,000) is charged at $100, which equal to $6,975.
Total stamp duty should be $10,150+6,975 = $17,125.
Applying the First Home Concession:
Subtract the concession amount of $17,350 from the total stamp duty.
The result is a negative value, meaning no stamp duty is payable.
Additional Stamp Duty for Foreign Buyers
Other Useful Links：
First Home Owners’ Grant
https://www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/qld-first-home-grant