Update on Principal Place Exemption Tax

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.

 

About Port Douglas

Port Douglas real estate - Real estate in Port Douglas is now sought after the world over. Our passion for where we live stems from Port Douglas being the only place in the world where two natural, world heritage listed sites (the Great Barrier Reef & Daintree Rainforest) exist side by side. If you would like buy or live in your own piece of paradise, please browse our real estate listings http://www.realestateportdouglas.com.au The views expressed in the Port Douglas blogs are not those of Century 21 Port Douglas Real Estate nor the Century 21 franchise.
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