First home owner stamp duty concession

[wylie]

I am curious to know if I am right in my calculation for the stamp duty in Queensland for a first PPOR.

I believe it is 'nil' up to $500K but it seems it rises very quickly after that and by the time you reach what seems the upper limit for any concession of $550K the stamp duty is approx $10K (so 20 cents in the dollar - highway robbery ).

Does this sound right?

And I guess that means first home buyers need to try to stay under $500K or there is not much benefit.

 

[RPI]

http://amun.osr.qld.gov.au/sap/osrqld/wd_tfr_calc_com?WDDISABLEUSERPERSONALIZATION=X#

is the link to the pro calculator. you can make up the ates but just don't spread the unconditional date before settlement date or it will add uti.

We are registered self assessors.

I send cheques for hundreds of thousands of dollars to OSR every week and exceed a million some times, assuming we continue to grow will be well north of a million every week before the end of the year. The revenue to OSR is crazy. Biggest chq I have signed for a single transaction is $363,000 (for a client not me).

 

[wylie]

I think I'm having a bit of a blond moment, but I'm having trouble with that calculator. It is the same one I've already tried (I think) from the OSR site.

I'm just keen to know what the stamp duty would be for a first home owner for the following purchase prices -

$499,000
$500,000
$549,000
$550,000

Is that an easy thing for you to do to save my sanity? (Pretty please?)

 

[D_One]

i think i'm having a bit of a blond moment, but i'm having trouble with that calculator. It is the same one i've already tried (i think) from the osr site.

I'm just keen to know what the stamp duty would be for a first home owner for the following purchase prices -

$499,000
$500,000
$549,000
$550,000

is that an easy thing for you to do to save my sanity? (pretty please?)

$0
$0
$9680
$10,600

 

[wylie]

Thank you so much. I was doing it right after all .

It just didn't seem right. We were told that there was no duty up to $500K but anything over that would have duty paid (just on the bit over $500K). However, it seems to me that once you hit $500K there is a sliding scale that tops out at $550K where it completely means you get no concession at all.

So, first home buyers ideally need to stay under $499,999 for maximum concession and then after $549,999 it is full stamp duty.

Our son will miss out on the stamp duty concession for first home buyer, but to buy in our area for under $500K would mean buying a real dump, or moving a fair bit further out.

So that is $11K he didn't know he was going to be paying. I've learned something today and he is a bit shellshocked, but it wouldn't have altered his decision on this house. It just would have been good had I realised so it was not such a shock for us both.

 

[D_One]

I think it has been the $500k limit for a while and you get slugged after it.

They probably assume that if as a first home buyer, if you can afford $500k, you can afford full stamps (almost full anyways).

 

[wylie]

I think it has been the $500k limit for a while and you get slugged after it.

They probably assume that if as a first home buyer, if you can afford $500k, you can afford full stamps (almost full anyways).

I agree. I just didn't realise the "sliding scale" after $500K which I knew about was such a steep one. It would not have made any difference to our son choosing this house though, but we just assumed the "free up to $500K and sliding scale for anything over" meant he would not pay as much as a non-first home buyer.