Macrossans Lawyers Brisbane law firm

By Paul de Silva

All Queensland property buyers will benefit from the first reduction in tax on property mortgages.

As announced during the 2007/2008 State budget, the Queensland Government has reduced mortgage
duty from 0.4% to 0.2% from 1 January 2008 and will completely abolish the duty from 1 January 2009.

First-home buyers are already exempt from mortgage duty on mortgages up to $250,000 and are taxed at a lower
rate on larger loan amounts. However, for other buyers and investors, this move provides extra savings for mortgage duty
liabilities that arise on or after 1 January 2008.

Other States have already made similar moves. Victoria and Tasmania abolished mortgage duty in 2004 and 2007
respectively and Western Australia will completely abolish the duty by July 2008. New South Wales will halve the duty in
2010 and will abolish it in 2011.