Queensland Law Society

Transfer duty change to help solicitors, clients

The Queensland Government has reinstated transfer duty concessions for non-first home buyers, encouraging property purchases, use of solicitor services and saving potential clients thousands of dollars.

Today Queensland Law Society released information to consumers about the change, advising them to contact a solicitor to check their concession eligibility before signing a contract.

From 1 July, people who have previously purchased a residential property are eligible for transfer duty concessions on a new residential purchase of up to $7000.

First home buyers, can claim a concession on the first $550,000 of the property value for which they paid (the previous regime’s limit was $600,000). This is in addition to the federal government’s first home owner grant.

The concessions are based on a sliding scale, illustrated in an overview of the Treasury (Cost of Living) and Other Legislation Amendment Bill 2012 available on Queensland Law Society’s website.

Queensland Law Society CEO Noela L’Estrange said reinstating the transfer duty concession was great news for solicitors, buyers and sellers.

“Buyers stand to save money on duty, and sellers to benefit from a keener market,” Ms L’Estrange said.

“Solicitors play an important role advising clients before and at the time of purchase so we expect they’ll get a few clients through the door.

“Property services are offered by firms across Queensland, some of who may have been affected recently due to the sluggish economy in some sectors.

“Hopefully we can now look forward to a pick-up in the property market across the board with a system that offers concessions to people who have purchased a property in the past as well as first home buyers.”

For inquiries, please contact Natalie Graeff, Manager Corporate Communication on 07 3842 5868, mobile 0488 433 884 or via email, n.graeff@qls.com.au.