8 AUGUST 2012
On 1 July 2012 the transfer duty home concession that could previously be claimed for the purchase of a principal place of residence was reinstated in Queensland.
Generally speaking, the home concession may be claimed where:
1. the home buyer is an individual (i.e. not a company);
2. the contract is made on or after 1 July 2012;
3. if the property is tenanted, the existing tenant moves out within 6 months of the transfer date or when the existing lease expires, whichever is earlier;
4. the home buyer will move into the property and live there as their principal place of residence within 1 year of the transfer; and
5. the home buyer will continue living in the property as their principal place of residence for at least 1 year from the date of occupation i.e. the property cannot be rented out or sold within this 1 year period.
If an individual claims the home concession, but there is subsequently a change in circumstances such that they no longer meet the eligibility requirements, they will lose the home concession. The individual would then be required to notify the Office of State Revenue within 28 days and pay additional transfer duty.
The legislation sets out various other restrictions which affect the ability to claim and hold onto the home concession, depending on the individual’s circumstances. It is therefore important that you are fully aware of the eligibility criteria relevant to your circumstances to determine whether the home concession may be claimed and how to avoid triggering additional duty becoming payable.
We would be pleased to provide further advices to you about your eligibility for the home concession.
You are a valued Kinneally Miley contact, for more information related to this Legal Update please contact us.
[contactsbox] [leftcolumn]Contact Associate: Michael Coe
Direct Telephone : 07 3210 5709
Mobile Telephone : 0408 983 876
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