On Mar. 5, 2025, Reg-Track amended the effective date to May 1, 2025.
On Dec. 12, AST QLD PRL issued amendment bill re first home buyers.
AST QLD PRL introduced Revenue legislation amendment bill 2024, which aims to implement some tax relief measures for first home buyers as well as medical practices.
The amendment bill provides for amendments to legislation including Duties act 2001.
In addition, AST QLD PRL published an explanatory notere the above amendment bill.
Follows AST QLD PRL Jun. 2024 introduced bill to amend revenue legislation #215953.
Document dated Dec. 12, 2024, received from QLD PRL Dec. 17, summarized Dec. 19.
Duties Act 2001
Bill provides full duty relief for 1st home buyers purchasing new homes or vacant land.
Allows home concession recipients to rent part of property during occupation period.
Bill also provides for the definition of new home, i.e. a home that has not been previously occupied nor that has been previously sold as a place of residence.
Includes anti-avoidance provisions for relevant arrangements deferring transactions.
The full duty relief for first home buyers will be made available from May 1, 2025, subject to eligibility requirements such as age, payment of land unencumbered value.
Next Steps
The bill will follow the required legislative process.
Feb. 2025 Royal Assent
On Feb. 28, 2025, AST QLD PRL said the amendment bill detailed above received royal assent on Feb. 28, 2025, after it passed with amendments on Feb. 20, 2025.
The act commences in accordance with section 2 on various dates, with specified provisions coming into force on Dec. 1, 2024, Dec. 6, 2024 and May 1, 2025.
Mar. 2025 Editorial Update
On Mar. 5, 2025, Reg-Track amended the effective date to May 1, 2025.
Regulators
AST QLD PRL
Entity Types
CNSM; Corp
Reference
PR, Act 1 of 2025, 2/28/2025; Bill, Info 12/12/2024; Citation: Duties act 2001; Revenue legislation amendment act 2025;
