The Revenue and Other Legislation Amendment Act 2024 (QLD) made a number of changes to state government revenue measures.
Affected revenue measures include transfer duty concessions, the First Home Owner Grant, the surcharge rate of land tax, and additional foreign acquirer duty.
Transfer duty concession changes – From 9 June 2024
Eligibility for the first home concession has been extended to homes with a dutiable value up to $800,000 with no duty payable on homes valued up to $700,000 and a partial concession for homes between $700,000 and $800,000.
Eligibility for the first home vacant land concession has been extended to land valued up to $500,000 with no duty payable on land valued up to $350,000 and a partial concession for land valued between $350,000 and $500,000.
First Home Owner Grant changes
The First Home Owner Grant and Other Home Owner Grants Act 2000 (QLD) has been retrospectively amended from 20 November 2023 to increase the amount of the First Home Owner Grant for eligible transactions entered into between 20 November 2023 and 30 June 2025.
For buying or building a new house, unit, or townhouse, the grant amount is:
- $30,000 for contracts signed between 20 November 2023 and 30 June 2025, both dates inclusive.
- $15,000 for contracts signed before 20 November 2023.
For owner-builders, the grant amount is:
- $30,000 where foundations are laid between 20 November 2023 and 30 June 2025, both dates inclusive.
- $15,000 where foundations were laid before 20 November 2023.
Surcharge rate of land tax – From 30 June 2024
The surcharge rate of land tax applied in addition to land tax rates for foreign companies and trustees of foreign trusts, and absentees, has increased from 2% to 3%. Ex gratia relief continues to be offered for Australian-based foreign entities whose commercial activities make a significant contribution to the Queensland economy and community.
Additional foreign acquirer duty (AFAD) – From 1 July 2024
The rate of additional foreign acquirer duty has increased from 7% to 8%.
By Lawyers updates
By Lawyers Conveyancing (QLD) publications updated to reflect these changes to revenue measures include:
- The full commentaries in Sale of Real Property and Purchase of Real Property;
- Retainer instructions precedents;
- Enclosure – General advice to buyers; and
- 1001 Conveyancing Answers (QLD).