For Home Sellers

Most transactions whether for the sale of property or a business include at least two or three important dates. These dates are:

1. The date that the contract is signed by the parties to that contract

2. The date that special conditions are satisfied

3. The date that the contract reaches settlement or completion. The completion date and the settlement date are different words, used to describe the same thing.

Which of these dates do authorities rely upon when determining the date of the sale?

Land Tax Thresholds Change regularly. You should contact Riba Business Lawyers to ensure that the rates have not changed since the  date of this Post.

For Individual who are resident in Queensland.

Taxable value Rate of tax
$0–$599,999 $0
$600,000–$999,999 $500 plus 1 cent for each $ more than $600,000
$1,000,000–$2,999,999 $4,500 plus 1.65 cents for each $ more than $1,000,000
$3,000,000–$4,999,999 $37,500 plus 1.25 cents for each $ more than $3,000,000
$5,000,000 and over $62,500 plus 1.75 cents for each $ more than $5,000,000

The Queensland Budget handed down in June will make it cost many thousands more to buy an existing home, if you are not a first home buyer. There is a big incentive to buy or sell now, before the changes come into effect. If you are planning to build a home you can receive a grant for $10,000 if you get your timing right. There are winners and losers in this Queensland Budget and if you are thinking of selling or buying you must pay careful attention, because, everything will change on 1 August 2010. Queenslanders do not pay duty on FIRST HOME purchases up to the value of $500,000.00 and this is not changing. The rest of us are in a different situation. Existing home owners hoping to upgrade or downsize to another property face stamp duty hikes of up to $7175.00. These changes come into effect on 1 August 2011 so there is an incentive if you are looking to buy at the moment. If possible sign the contract before 1 August 2011! Sellers should also take notice as they may find that buyers are more motivated to purchase before 1 August, before they get hit with the additional duty!