Transfer duty is the formal name for stamp duty.
It is a Queensland State Government tax that is levied on transactions such as the purchase and sale of land, and other real estate, pursuant to the Duties Act 2001 (Qld).
The tax rates are scaled, based on the value of the property or the purchase sale price. There are also several concessions and exemptions that can be applied for to reduce the rate of duty payable.
Generally, all transfer duty must be paid at or before the finalisation of the transaction (usually upon settlement). In most circumstances the duty tax cannot be deferred.
For more information on transfer duty visit our articles on the subject by clicking the link below.