Stamp Duty Off the PLan - Qld

[brays]

Hi

We are assessing costs for an off the plan unit purchase in Brisbane and are trying to work out how much stamp duty we will need to pay and when we will need to pay it. Construction of the unit hasn't yet commenced, but is expected to be completed mid 2008.

Is the stamp duty payable on the full contract price or on the land value at the date of contract?

Also, is the stamp duty payable when the contract is signed or when the contract is settled?

Thanks

Brays

 

[buzzlightyear]

In Qld, stamp duty is payable on the full contract price. (I think it is only in Vic where it is assessable on the land value at contract date of sale)

It (stamp duty amount) will generally be included in the funds to complete outlined by your conveyancer/lawyer at the time of settlement.

Here's a link however...http://www.osr.qld.gov.au/taxes/duties/index.shtml

There are also concessional rates of stamp duty for first home buyers & some other categories in Qld (which may or may not be relevant)

 

[yo yo ma]

Hi Buzz
I had a bit of trouble working that one from the osr... There is another one here
http://www.boq.com.au/stamp_duty_0607.htm
Steve