Duties and Other Legislation Amendment Bill 2016

Overview

This bill makes three stamp duty and grant changes from the 2016-17 Queensland Budget. It adds a 3% duty surcharge for foreign buyers of residential property, temporarily boosts the First Home Owner's Grant to $20,000, and extends a family farm transfer duty concession beyond gifts.

Who it affects

First home buyers of new homes get a bigger grant for one year, foreign buyers of Queensland homes pay 3% extra duty, and farming families transferring their business pay less duty even when money changes hands.

Key changes

• First Home Owner's Grant for new homes rises from $15,000 to $20,000 for contracts signed between 1 July 2016 and 30 June 2017
• Foreign individuals, foreign companies and foreign trusts pay an extra 3% duty (AFAD) on Queensland residential property purchases from 1 October 2016
• Family transfers of primary production businesses no longer have to be gifts to qualify for the duty concession - they can involve payment
• Unpaid AFAD creates a first-ranking charge on the property, and the Commissioner can ask the Supreme Court to order a sale if it stays unpaid for 18 months
• Corporations or trusts that become foreign within 3 years of buying residential land must notify the Commissioner and face back-assessment of the 3% duty