What is dutiable property

See section 14 of the Act for a full definition. Learn about unpaid tax interest and when it applies. For the purposes of the first home vacant land concession, land in Queensland on which you intend to build a residence to live in. See section 86C of the Act for a full definition.

Read the public ruling about penalty tax for home concessions TAA Home Homes and housing Buying and owning a home Advice on buying a home Transfer duty About transfer duty Definitions of transfer duty terms. Print Definitions of transfer duty terms The following definitions relate to terms that come from the Duties Act AFAD residential land does not include land used for hotel and motel purposes.

See the definition of residential land. Concession A reduction in the amount of duty you must pay on certain dutiable transactions. See the following parts of Chapter 2 of the Act for more information. Consideration includes monetary and non-monetary payments, such as assumption of liabilities.

De facto relationship instrument Any of the following instruments to the extent that it deals with de facto relationship property: a recognised agreement under the Property Law Act section an order of a court under the Property Law Act, Part 19 an instrument made under a recognised agreement under the Property Law Act, section an instrument made under an order of a court under the Property Law Act, Part De facto relationship property Property of the de facto partners in a de facto relationship, or property of either partner.

Defined relative Your spouse or any of the following people related to you or your spouse a parent a grandparent a brother, sister, nephew or niece a child or grandchild an aunt or uncle a first cousin for transactions from 23 May a non-blood-related first cousin for transactions from 23 May the spouse of any person mentioned above. Dispose Relating to land or a residence, means transferring, leasing or otherwise granting exclusive possession of part or all of the property to another person.

This may include selling the property or renting out 1 or more rooms. You do not dispose of the property when: the transferor continues to occupy the property after the transfer date but vacates it within 6 months of the transfer date the existing tenants continue to occupy the property after the transfer date but vacate it at the end of the current lease term or within 6 months of the transfer date, whichever happens first.

However, the lease arrangement needs to have been in place before the transfer date an intervening event occurs, such as a natural disaster, or the death or incapacity of the transferee you transfer part of the land to your spouse and the transfer is exempt from duty under section of the Duties Act you are acquiring residential land that is an accommodation unit in a retirement village and you enter into a retirement village leasing arrangement for the unit.

Dutiable property Property that is involved in a dutiable transaction in Queensland. This can include: land in Queensland a transferable site area an existing right a Queensland business asset a chattel in Queensland.

This can involve: a transfer of dutiable property an agreement for the transfer of dutiable property a surrender of dutiable property in Queensland or a transferable site area a vesting under a state or Commonwealth Act, or court order of dutiable property a foreclosure of a mortgage over dutiable property an acquisition of a new right on its creation, grant or issue a partnership acquisition the creation or termination of a trust of dutiable property a trust acquisition or trust surrender.

Encumbrance Mortgages, security interests or other charges and liabilities that are or can be attached to a property. Exclusive possession Generally, the right to exclude all others, including the owner, from all or part of a property. Whether exclusive possession has been granted depends on the: terms of the written agreement, where there is one facts and circumstances of the arrangement, where there is no written agreement.

Family business A business of primary production or a prescribed business, carried on by one or more members of a particular family, family trust or family partnership. Home A residence that the owner has occupied as their principal place of residence within 1 year of the transfer date for the residential land. Identity details annexure Each non-Australian transferor and transferee must lodge an identity details annexure for a transfer of real property.

Indirect interest For partnerships, an interest held in dutiable property if: through a partnership interest or trust interest, there is a connection between the partnership and dutiable property of the other partnership or trust through a series of partnership interests or trust interests, or a combination of these, there is a connection between the partnership and dutiable property of a partnership or trust in the series.

For trusts, an interest held in dutiable property if: through a trust interest or partnership interest, there is a connection between the trust and dutiable property of the other trust or partnership through a series of trust interests or partnership interests, or a combination of these, there is a connection between the trust and dutiable property of a trust or partnership in the series.

For corporate trustees, an interest held in dutiable property if: the corporate trustee has a partnership interest or trust interest in an ultimate entity through a series of partnership interests or trust interests, or a combination of these, there is a connection between the corporate trustee and dutiable property of a partnership or trust in the series. Instrument A written document in hard copy form. Interest in a residence Typically, you have held an interest or share if you have ever owned a house, apartment, unit or other residence anywhere in the world.

You are not considered to have held an interest if you: held the property as trustee for somebody else leased a property and paid a bond and rent only lent money and had it secured by way of mortgage, charge, etc. Intervening event home concessions Any of the following: a natural disaster including fire or flood the death or incapacity of a transferee or lessee who was granted the home concession another event prescribed under a regulation.

If your transaction involves related parties, such as relatives or related companies or an employment relationship, or parties acting together in some way, you need to declare the market value of the property, supported by an independent valuation from a qualified valuer. Special rules apply to determining the dutiable value of leases.

There are particular considerations about the dutiable value of retirement village land where:. Home Dutiable value of a property Dutiable value of a property. You must have JavaScript enabled to use this form. Was this page helpful?

This means is that the unencumbered value of property is the price that a real estate agent would put on the property or what the property would sell for if the property were to be sold at auction. Under s 15 a of the Act, the encumbered value of the property is taken at immediately before the surrender of the property. Under s 17 2 the transfer duty must be paid by the parties to the transaction.

Although the legislation states that the duty must be paid by the parties, it is usually the purchaser who pays the transfer duty. There are some transactions where it is possible to reduce the dutiable value of the dutiable transaction.

Transactions that may have a reduced dutiable value are transactions that involve:. Just because a transaction may involve one of the items listed above it does not mean that the transaction is automatically eligible for a reduction in the dutiable value.

Also the amount that the dutiable value is reduced can vary. For example, a business that transfers a supply right is not a dutiable transaction, unless another type of dutiable property is the subject of the same transaction, or the supply right is to be transferred with all of the supply rights of the business.

Queensland Government: Transfer Duty. A registered self assessor usually a solicitor or conveyancer or the Office of State Revenue can do this. You can also have documents that are not liable for transfer duty non-dutiable transactions stamped, but an adjudication fee may apply. After assessing your documents, the assessor tells you how much duty you have to pay.

After you pay the duty, they stamp your documents and return them to you. You can then lodge your transfer with the relevant agency. For land, this is usually Titles Queensland. Find out more about getting your documents stamped and paying transfer duty.