2024–25 State Budget changes

Earlier this month, the Queensland Government announced changes to certain revenue measures as part of the 2024–25 State Budget.

These changes received Royal Assent earlier this week and are now law.

The changes amend the Duties Act 2001 to:

• increase the transfer duty first home and first home vacant land concession thresholds and values at which they phase out for contracts dated on or after 9 June 2024
  • first home concession threshold will increase from $500,000 to $700,000 (phasing out at $800,000, increased from $550,000)
  • first home vacant land concession threshold will increase from $250,000 to $350,000 (phasing out at $500,000, increased from $400,000).
• increase the rate of additional foreign acquirer duty from 7% to 8% from 1 July 2024.

We have updated our website, toolkits, calculators and QRO Online to reflect these changes.

More information

• Refer to the Revenue and Other Legislation Amendment Bill 2024.
• See our tools for self assessing transfer duty.
• Refer to our transfer duty self assessor guidelines.