Macrossans Lawyers Brisbane law firm

Amendments to the Duties Act has removed liability for duty on any lease or occupancy right commencing on or after 1 January 2006.  Where the lease commences prior to this date, duty applies for the entire term including any period afterwards.

If landlords and tenants intend to register the lease  on the title for the property, the Queensland Titles Office requires that a duty notation be stamped on the lease even for nil duty.  Transfer duty continues to apply on the transfer of leases.

Increase in Stamp Duty

From 1 July 2006, the new rates for transfer duty for properties valued above $500,000 are:

• $15,975 for properties between $500,000- $700,000, plus 4% of any amount exceeding $500,000.
• $23,975 for properties over $700,000, plus 4.5% of any amount exceeding $700,000.

Rates remain unchanged for property below $500,000, with the threshold for the transfer duty home concession increased to $320,000.

For further information contact Paul de Silva on 3292 9720 or This Email address is being protected from spam bots, you need JavaScript enabled to view it .

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