In Queensland, the tax payable on the transfer of property (previously called stamp duty) is known as:

Q: What is the correct answer to: In Queensland, the tax payable on the transfer of property (previously called stamp duty) is known as:

The correct answer is Transfer duty. In Queensland, the tax on property transfers is called transfer duty (formerly stamp duty), administered under the Duties Act 2001. It is calculated on the higher of the purchase price or market value of the property at the time of transfer.

Q: What background knowledge is needed for this Finance Taxation question?

The Duties Act 2001 governs transfer duty in Queensland. Duty rates are progressive (higher value = higher rate). Various concessions exist for first-home buyers, principal residences, and certain other categories. The duty is payable by the buyer.

Q: What is a good way to remember the answer to this Finance Taxation question?

TRANSFER duty (not stamp duty anymore) under the DUTIES Act 2001. Paid by the buyer on the transfer of property. Property transfer tax in QLD? It is called transfer duty. Not stamp duty, not land tax, not CGT.

Q: What exam tip applies to this Finance Taxation question?

Use the correct term: 'transfer duty' (not 'stamp duty'). It is governed by the Duties Act 2001 in Queensland.

Q: How does this Finance Taxation concept apply in Australian real estate practice?

A buyer's solicitor calculates the transfer duty payable on a $700,000 purchase using the rates in the Duties Act 2001. The duty is approximately $18,025, which the buyer must pay at settlement as part of their purchase costs.

Question

Finance TaxationQLDEASY

In Queensland, the tax payable on the transfer of property (previously called stamp duty) is known as:

Answer Options

A

Capital gains tax

B

Transfer duty

C

Land tax

D

Goods and services tax