A buyer purchases a Queensland property at auction for $800,000. The property was marketed with an advertised price guide of $650,000 to $700,000. For transfer duty calculation purposes, the duty is assessed on:
Correct Answer
D) The $800,000 price paid, or the property's market value if that is higher
Transfer duty in Queensland is calculated on the higher of the actual consideration (purchase price) and the market value of the property at the time of transfer. The advertised price guide is irrelevant for duty calculation. Since the auction price of $800,000 represents the agreed consideration, duty is assessed on that amount (or market value if higher).
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