{"id":1315,"date":"2024-07-10T12:24:36","date_gmt":"2024-07-10T02:24:36","guid":{"rendered":"https:\/\/www.abkj.com.au\/articles\/?p=1315"},"modified":"2024-07-10T12:24:36","modified_gmt":"2024-07-10T02:24:36","slug":"changes-first-home-concessions-qld","status":"publish","type":"post","link":"https:\/\/www.abkj.com.au\/articles\/changes-first-home-concessions-qld\/","title":{"rendered":"Changes to First Home Concessions in QLD"},"content":{"rendered":"<h2>What is transfer duty?<\/h2>\n<p>Transfer duty, also referred to as stamp duty, is a tax imposed by the Queensland Government on the sale or transfer of property in the state.<\/p>\n<p>The Queensland Government offers various concessions to transfer assessed on dutiable transactions including the first home concession and first home vacant land concession.<\/p>\n<p>The first home concession applies to individuals who are purchasing their first property. In order to be eligible, individuals applying for the concession must be acquiring the property without ever having held an interest in another property (even overseas). Further, the individual applying for the concession must move into the property within a year and not dispose of the property before moving in.<\/p>\n<p>The first home vacant land concession follows similar requirements as the first home concession. However, the primary difference is rather than acquiring a pre-existing house, this concession applies when purchasing vacant land for the purpose of building a first house. Individuals must only build one house on the land and move into said house within 2 years of settlement.<\/p>\n<h2>Changes<\/h2>\n<p>On 9 June 2024, the <em>Duties Act 2001<\/em> was amended by the Queensland Government to increase the thresholds for which the first home concession may apply.<\/p>\n<p>Originally, for a buyer to be eligible for the first home concession, the property being acquired had to be valued under $500,000 for transfer duty to be waved completely, and for properties valued between $500,000-$550,000, a reduced amount of transfer duty would be required to be paid. This threshold has now been increased with the amendments. Now, the eligible range for the complete concession is that the property be valued under $700,000, and for properties valued between $700,000 and $800,000, a diminishing concession will apply.<\/p>\n<p>The first home vacant land concession could previously only be made on land valued under $250,000, with concessions phasing out entirely when the land was valued above $400,000. This has now also been increased. The new eligible range for complete concessions is that the land be valued under $350,000, and the reduced concession will apply for land valued between $350,000 and $500,000.<\/p>\n<h2>What is Additional Foreign Acquirer Duty?<\/h2>\n<p>Foreign acquirers are either foreign corporations, individuals, or trusts which are acquiring residential land in Queensland. These foreign acquirers pay an additional duty on top of their purchase in a similar manner to stamp duty.<\/p>\n<p>As of July 1, 2024, this duty will increase to a rate of 8%, up from the previous rate of 7%.<\/p>\n<h2>Contact Us for Assistance<\/h2>\n<p>ABKJ Lawyers has a dedicated team of <a href=\"https:\/\/www.abkj.com.au\/gold-coast-property-lawyers.html\">property lawyers<\/a> with decades of experience.<\/p>\n<p>To assess your eligibility for these concessions, or to receive general legal advice regarding the purchase of your first property, please <a href=\"https:\/\/www.abkj.com.au\/contact-us.html\">contact our property law team<\/a> on (07) 5532 3199.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>What is transfer duty? Transfer duty, also referred to as stamp duty, is a tax imposed by the Queensland Government on the sale or transfer of property in the state. The Queensland Government offers various concessions to transfer assessed on dutiable transactions including the first home concession and first home vacant land concession. The first home concession applies to individuals who are purchasing their first property. In order to be eligible, individuals applying for the concession must be acquiring the property without ever having held an interest in another property (even overseas). Further, the individual applying for the concession must&#8230; <a class=\"more-link\" href=\"https:\/\/www.abkj.com.au\/articles\/changes-first-home-concessions-qld\/\">Continue Reading<\/a><!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":1316,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1315","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-law"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Changes to First Home Concessions in QLD | ABKJ Lawyers<\/title>\n<meta name=\"description\" content=\"The QLD Government offers concessions including the first home concession &amp; first home vacant land concession - 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