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The Commissioner has updated the public ruling on the determination of royalty for prescribed and specified minerals. (MRA002.2)

Queensland Government - Queensland Revenue Office
Queensland Government - Queensland Revenue Office

2024–25 State Budget changes

Self assessors
Find out about the changes for transfer duty first home concessions and AFAD.
Issued date
20 June 2024

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