Australia’s Queensland government has proposed the Revenue Legislation Amendment Bill 2024 to Parliament, which proposes full transfer duty relief for first-home buyers.
The bill amends the Duties Act 2001 to offer full duty relief for first-home buyers purchasing a new home or vacant land solely for residential use. It also allows recipients of transfer duty home concessions to rent out part of their property during the one-year occupation period without losing their relief benefits.
The bill has been submitted to the Governance, Energy, and Finance Committee of the state parliament for further review.
Earlier, the Queensland government announced in the 2024-25 state budget that it aims to increase duty and land tax rates for foreign individuals and offer first-time home buyers increased stamp duty exemptions.
