Brighter Buying

No more stamp duty!!!

by Karleen Jentz, Copywriter 26 July 2017

We bet that headline got your attention. It sucked us in too when we first read it in the papers. And yes it’s too good to be true... for now.

But changes to stamp duty have been suggested in light of a new state government report.

Stamp duty is a tax set by each state government. In Queensland you pay stamp duty when you buy a property. How much is it? You can get estimates and read all about it here. But in short, if you don’t qualify for a concession, you can expect to pay thousands.

So will the Queensland Government get rid of stamp duty? It’s too early to say but changes to the state’s tax system are among 10 recommendations in a Queensland Productivity Commission report released this month.

That said, if changes were made, it wouldn’t be a total free kick, reports Brisbane Times.

Land tax has been suggested as an alternate form of revenue raising, while removing or reducing taxes like stamp duties could contribute to a more competitive business environment.

Sound complex? We think so too. Stakeholders are invited to comment on the report and we will watch this space with interest.

Grappling with your own property complexities? Contact us for a chat.