In Queensland, the tax payable on the transfer of property (previously called stamp duty) is known as:
Correct Answer
B) Transfer duty
In Queensland, the tax levied on the transfer of property is called transfer duty (formerly stamp duty), administered under the Duties Act 2001. It is calculated on the higher of the purchase price or the property's market value.
Why This Is the Correct Answer
Queensland levies transfer duty, formerly called stamp duty, under the Duties Act 2001 on the transfer of property. It is generally paid by the buyer and assessed on the greater of the price and the market value.
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