How is stamp duty calculated on a property in Queensland?
21 Aug 2023
Stamp duty can be a significant cost when buying a property, and it’s important to make sure you’ll be able to pay it – so how much is stamp duty in Queensland, and what else do you need to know?
Key points:
- Stamp duty, or transfer duty, is a tax that commonly applies when property gets transferred from one person to another.
- Each state and territory has its own method of calculating stamp duty, and the QLD government has its own specific rules.
- There are some circumstances in which concessions are available to offset the cost of stamp duty.
There can be a number of key costs associated with buying a property in Queensland, but stamp duty is a major one. If you’re in the market for a property, then it’s very important to know when stamp duty is payable and what kind of cost you’ll be up for.
What is stamp duty?
Stamp duty, or transfer duty, is a government tax that commonly applies when property gets transferred from one person to another. It applies to transactions that involve dutiable property, including commercial and investment property. It can also apply for dutiable transactions such as partnership acquisitions, creating or terminating a trust of dutiable property and trust acquisitions and surrenders.
Stamp duty is charged by state and territory governments, so the rules on how it’s calculated will vary from place to place. However, a general rule is that the more expensive your property is, the more stamp duty you’ll need to pay.
Stamp duty is primarily determined by three major factors: the state or territory you’re buying the property in, the value of the property, and whether you’re eligible for any concessions or exemptions.
If you are buying a property in Queensland, you may well be interested to know how stamp duty is calculated in the state, and what you’ll potentially have to pay.
How is stamp duty calculated in Queensland?
The Queensland Office of State Revenue (OSR) calculates how much stamp duty you owe by applying a set transfer duty rate to the ‘dutiable value’ of your property. Usually your property’s dutiable value will be its market value or the amount you agreed to pay for the property, whichever one is higher. This means that even if you didn’t purchase the property (e.g. if it was a gift or no money was paid), you may still need to pay stamp duty based on the property’s market value.
The QLD government says that it calculates stamp duty using the following formula:
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| Property value | Stamp duty rate |
| $0 – $5,000 | No stamp duty |
| $5,001 – $75,000 | $1.50 for each whole or part $100 over $5,000 |
| $75,001 – $540,000 | $1,050 plus $3.50 for each whole or part $100 over $75,000 |
| $540,001 – $1,000,000 | $17,325 plus $4.50 for each whole or part $100 over $540,000 |
| $1,000,001+ | $38,025 plus $5.75 for each whole or part $100 over $1,000,000 |
Source: QLD government, figures accessed August 2023
How much stamp duty will I pay in Queensland?
If you are thinking of purchasing a property in Queensland and want to know how much stamp duty you’ll have to pay, you can get an idea by using Canstar’s Stamp Duty Calculator. Select QLD from the dropdown menu to get started.
Do foreign buyers pay more stamp duty in Queensland?
If you’re a foreign buyer acquiring residential land, the Queensland government says it imposes an additional duty on top of the standard transfer duty rate, as what’s known as an additional foreign acquirer duty (AFAD). At the time of writing, this additional rate is 7%.
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What stamp duty concessions are available in Queensland?
The Queensland government says that there are a number of situations in which there might be concessions to stamp duty available. The QLD government offers three main kinds of stamp duty concessions, these being the home concession, the first home concession and the first home vacant land concession.
Home concession
The home concession applies to a home purchased after your first. If you buy a property and plan to move in within 12 months of purchasing it and intend to make it your principal place of residence, then you could be eligible for a reduced stamp duty rate. The QLD government says the home concession applies to the first $350,000 in value of the property you purchase, and could save you up to $7,175.
First home concession
The QLD government says that first home buyers could be eligible for a stamp duty concession, provided certain conditions are met. This concession applies to homes valued under $550,000, and the QLD government says it can save you up to $15,925. The QLD government says that for homes valued over $550,000, the home concession can apply.
First home vacant land concession
The QLD government says that you can claim a first home vacant land concession for transfer duty when acquiring vacant land to build your first home, if you meet certain requirements. The first home vacant land concession only applies to vacant land valued under $400,000 and can save you up to $7,175.
What other support is available for home-buyers?
In addition to stamp duty concessions, there may be some other schemes that you could access as a first home buyer to save you money on your purchase. Some of these support schemes for which you may be eligible include:
- First Home Guarantee (FHBG): Formerly known as the First Home Loan Deposit Scheme (FHLDS), this program allows eligible homebuyers to purchase a home with a deposit of as little as 5% and avoid lenders mortgage insurance (LMI).
- Family Home Guarantee: This program allows eligible single parents to purchase a home with a deposit of as little as 2% and avoid LMI.
- First Home Super Saver (FHSS) Scheme: This program allows you to make voluntary contributions into your super to put towards a home deposit.
- First Home Owners Grants and concessions: These offerings differ between states and territories, supporting first home buyers in a variety of ways from grants to stamp duty savings.
- Regional First Home Buyer Guarantee (RFHBG): The Regional First Home Buyer Guarantee offers eligible homebuyers in rural and regional areas the opportunity to purchase a home with a deposit as low as 5%.
Is stamp duty payable on commercial property in QLD?
According to the QLD government, the stamp duty rates charged on the transfer of commercial property in QLD are the same as those charged for the transfer of residential properties.
How much does stamp duty cost around Australia?
If you would like to know more about how much stamp duty costs in other states and territories around Australia, you can read Canstar’s articles on each one, as follows:
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This article was reviewed by our Content Lead Ellie McLachlan before it was updated, as part of our fact-checking process.
- What is stamp duty?
- How is stamp duty calculated in Queensland?
- How much stamp duty will I pay in Queensland?
- Do foreign buyers pay more stamp duty in Queensland?
- What stamp duty concessions are available in Queensland?
- What other support is available for home-buyers?
- Is stamp duty payable on commercial property in QLD?
- How much does stamp duty cost around Australia?
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