Transfer Duty on Commercial Property

[Ace73]

Can anyone tell me if the Transfer Duty on commercial property is calculated at the same rate as Residential property? (I understand about the concessions for 1st home owners and owner occupied)

This is for a commercial property in Qld

I had a look around the Qld treasury website but it didn't really explain it well.

http://www.osr.qld.gov.au/calculators/index.shtml

I just want to know how much duty I will be up for so I can factor that into my purchase costs.

 

[cu@thetop]

Calculated at the ad valorem rate - that is the full rate without concession for 1st home or PPR. Put it in calculator as no concession. Remember stamp duty due 30 days from when contract becomes unconditional.

 

[Ace73]

Thanks for that.

It makes me sick the amount of money you have to pay to the local govt. I can't see them ever giving up this tax though as they must be getting millions every year from this only.

 

[Hulkster]

My commercial purchase cost me $88k in stamp duty for the govt. Not a very nice feeling to hand it over, but can't be helped.