First Home Owner’s Grant
The Queensland First Home Owner’s Grant has been extended for a further 12 months.
However, the value of the First Home Owner’s Grant will be reduced to $15,000 (down from $20,000) from 1 July 2018. Eligibility requirements remain the same.
Contracts entered into before 30 June 2018 may still be eligible for the $20,000 First Home Owner’s Grant.
Additional Foreign Acquirer Duty (“AFAD”)
From 1 July 2018, AFAD will increase from 3% to 7%.
AFAD must be paid by foreign individuals, corporations and trusts in addition to ordinary transfer duty.
Property owners with holdings of $10 million or more will be liable for an additional 0.5% in Queensland Land Tax from 1 July 2018.