Office of State Revenue: Budget changes
6 July 2016
On Monday 27 June 2016 the Duties and Other Legislation Amendment Act 2016 received royal assent. The Act implements the following 2016-17 State Budget measures:
The Duties Act 2001 is amended to:
- extend the transfer duty concession for intergenerational transfers of family primary production businesses by removing the requirement that the transaction be by way of gift, from 1 July 2016
- impose 3% additional foreign acquirer duty, from 1 October 2016.
The First Home Owner Grant Act 2000 is amended to:
- increase the amount of the Queensland First Home Owners’ Grant from $15,000 to $20,000 for eligible transactions entered into between 1 July 2016 and 30 June 2017, both dates inclusive.
For more information, refer to the Explanatory Notes for the Bill and the Act.
Budget changes – transfer duty
The following rates and fees apply from 1 July 2016.
- Unpaid tax interest (UTI)— 10.01%
- Adjudication fees—$37.75
Postage and handling fees (for returning documents by post)
- First document— $4.95
- Additional documents—$1.55 per document
For more information, see: