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When do I have to pay transfer duty (commonly known as stamp duty)?

Transfer duty is generally due 30 days after the liability arises, being the contract date.  This is generally not an issue if you have a 30-day settlement period which is common in Queensland.

If, however you have negotiated an extended settlement period, you will have to pay your transfer duty 30 days after the date of the contract, unless you qualify for an extension of time. This may not be an issue if you are paying your transfer duty from your own funds. It does however become an issue when purchasers are borrowing the funds to pay the transfer duty as the bank will not release the funds until settlement.

An extension of time will only be granted where completion of an agreement is conditional on an event and the parties to the agreement do not have control over the event, except only that they must use their best endeavours to secure the event happening (for example, a contract is subject to finance approval satisfactory to the purchaser, the sale is subject to the sale of another property or subject to a building and pest report from a third party).

Where an extension is granted, transfer duty must be paid within 30 days of the earliest of the following dates:

  1. The date the contract is unconditional; or
  2. The date specified by the Commissioner of State Revenue in a written notice.

At MAP Lawyers, we will advise you on when your transfer duty is due and assess whether you are eligible for an extension if required.

Please see a link to the OSR Public Ruling for more information:

https://www.treasury.qld.gov.au/resource/da019-1/

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