Queensland stamp duty

[rossv]

Hi all

In Qld, if one buys a property without a mortgage is the stamp duty payable before settlement or can it be paid with-in 3 months like in NSW?

I have been asked to deposit funds in a soli's trust account for SD and need to know if it must be paid before settle????

thanks in advance



rossv

 

[Jamie]

Hi Ross,

At first glance, it looks like its 30 days in QLD:

http://www.osr.qld.gov.au/taxes/duties/info_sheets/Dutiable_Transactions_Dutiable_Property.pdf


Although it gets a bit confusing reading here:

When does transfer duty became payable after the purchase of property?

See section 16 of the Duties Act 2001. Parties liable to pay transfer duty must lodge the instrument within 30 days of execution. Once an assessment is made, the duty is payable by the due date on the assessment notice, generally 30 days after the date of the assessment.

http://www.osr.qld.gov.au/taxes/duties/transfer_general_lodgement_liability_faq.htm

Seems that you have 30 days to lodge a notice of the settlement, then they assess you (which might take weeks), then you get another 30 days to actually pay it.

Sorry I can't be of more help. There is a fair bit of info in the links above though which may help out more.

Jamie.

 

[rossv]

Thats what i like ... a straight yes or no answer ....


thanks jamie ..



rossv

 

[Chev]

SHort Answer:

If you don't have a mortage, you can pay the stamp duty within 60 days by cash or bank cheque over the counter at Office of State Revenue.

The "60 days" is from the date that the contract becomes unconditional from a condition which is not determinted by you(eg finance, subject to sale of my other house etc, but not building/pest, and not due dilligence), or alternatively if no conditions, the contract date.

Chev