In case anyone is interested. Here is a copy and past of the explanatory notes associated with the QLD Cost of living bill. It includes reinstatement of previous PPOR stamp duty concessions. Perfect timing for me.
Duties Act 2001
Under the Duties Act 2001, transfer duty applies to the transfer of dutiable
property in Queensland, including land. Currently, a concession is
available for the transfer, or agreement for the transfer of a person’s first
home (first home concession). No duty applies for homes up to $500,000
and a phasing-out rebate applies for values up to $600,000. To qualify, the
person must never have previously held an interest in another residence and
must satisfy occupancy requirements.
Prior to 1 August 2011, a duty concession was also available for the
transfer, or agreement for the transfer, of a home (home concession). Like
Treasury (Cost of Living) and Other Legislation Amendment Bill 2012
Page 3
the first home concession, occupancy requirements applied. However, the
home did not need to be the person’s first home. A concessional transfer
duty rate of $1 for each $100 or part of $100 applied to the first $350,000
of the consideration or value of the home. Duty at the general rates applied
to any remaining part of the consideration or value.
The home concession was removed from 31 July 2011. At the same time,
there were minor reductions in transfer duty rates. The phasing-out point
for the reducing rebate for the first home concession was also increased
from $550,000 to $600,000 as first home buyers would be transitioning to
higher general transfer duty rates.
The Bill amends the Duties Act 2011 to reinstate the transfer duty home
concession, the previous transfer duty rate structure and previous
phasing-out point of $550,000 for the reducing rebate for the first home
concession for transactions entered into on or after 1 July 2012. It does this
by reinstating the relevant provisions of the Duties Act 2001 as they existed
immediately prior to 1 August 2011.
Reintroduction of the home concession from 1 July 2012 will provide a
duty benefit to home buyers where the agreement or transfer is entered into
on or after that date. The Bill therefore also introduces into the Duties Act
2001 a provision to ensure that taxpayers who artificially structure their
affairs, such as by cancelling existing contracts and entering into new
contracts after 1 July 2012, solely to gain the benefit of the concession do
not benefit.
