On April 10, 2012, the Premier announced that Cabinet approved the reinstatement for the home concession from July 1, 2012. See Information Sheet, Reinstatement of Transfer Duty Home Concession from July 1, 2012 – Office of State Revenue at www.osr.qld.gov.au.
What this means in simple terms is that from July 1, 2012, home buyers will be eligible to apply for the transfer duty of home concession, providing they meet the concession conditions. Importantly, the home does not need to be the persons first home, and can be new or one that has been previously occupied.
The rate is $1 for each $100 or part of $100 will apply to the first $350,000 of the value of the home. General Duty Rates will apply to any remaining part of the value.
Occupancy of the home is a requirement i.e. their principal place of residence within one year of the transfer of ownership. The applicant may lose the concession if they sell or lease, part or all of the home before moving in or within a year of moving in.
Home buyers can apply through the Office of State Revenue, providing all relevant transfer documents together with a completed concession claim form, available from this office. A solicitor can also act for the home buyer and claim the concession on their behalf.
July 1, 2012 is the date when contracts and transfers can apply this concession. This is not available whereby a contract replaces another contract entered into before July 1, 2012.
For further information on eligibility, duty rates and how to apply, contact te office of State Revenue on 1300 300 734.
This will bring quite a few more buyers into the market place which could have a flow on effect of property values.