See below update regarding the reintroduction of the Principal Place of Residence concession.
The rate will be 1% on the first $350,000 and then the normal amount of duty on top of the $350,000.00.
Principal Place of Residence Exemption Reinstatement legislation introduced
On Thursday 17 May, the State Government introduced the Treasury (Cost of Living) and Other Legislation Amendment Bill 2012 which re-introduces the principal place of residence transfer duty concession from 1 July 2012.
Members are advised to note clause 28 of the Bill which deals with replacing contracts existing on 1 July 2012, or contracts formed on or after that date arising from the exercise of an option or otherwise under an arrangement made before 1 July.
QLS is offering an In Focus: Return of the Principal Place of Residence (PPR) duty exemption session on the changes on 12 June 2012 at 12:55pm.
See the OSR Factsheet for more information.