Revenue Legislation Bill

The Queensland Parliament has passed the Revenue Legislation Amendment Bill 2024.

The Bill abolishes stamp duty for first homebuyers who purchase newly constructed homes. It further allows first homebuyers to rent out rooms in their homes without losing existing first homeowner concessions.

Changing stamp duty thresholds was a recommendation made to government in the Property Council’s Be a Queenslander state election platform last year.

Property Council Queensland Executive Director Jess Caire and Deputy Executive Director Allan McNeil, appeared before the State Development, Infrastructure and Works Committee in January to speak in favour of the measures, along with other property tax changes to help boost housing supply.

The Property Council strongly supports the changes to transfer duty for first homeowners as drafted in this Bill. They will provide targeted, immediate relief for Queenslanders looking to buy their first home, and the application to new homes only will seek to boost housing supply.

However, for these measures to be effective, it is critical that the government does all that it can to support more new homes being built across the State, including attracting the investors who deliver these homes.

As it currently stands, Government fees and charges make up one-third of the cost of a new house and land package or apartment in Brisbane.

You can read more about the impact on taxes on supply here – Stacked Against Us.

You can read more about the impact of prohibitive taxes on investment here – Time for a Fair Go.

To view the Revenue Legislation Amendment Bill 2024, please click here.

To view the Property Council’s advocacy call to support our first homeowners by expanding the First Home Owners Grant, please click here.