In Queensland, there has been a recent change regarding the transfer duty on cancelled agreements. The state government has introduced a new policy that aims to simplify the transfer duty process for cancelled agreements. This new policy will come into effect from 1st October 2021.
The policy relates to the transfer duty payable on agreements that have been cancelled by the parties involved. The transfer duty will now be calculated based on the difference between the consideration paid for the agreement and the market value of the property. Previously, the transfer duty was calculated based on the full consideration paid for the agreement.
This change is expected to have a significant impact on the transfer duty payable on cancelled agreements, especially for agreements that were entered into at a higher price than the market value of the property. The change may also encourage parties to cancel agreements rather than complete the transaction at an inflated price.
The Queensland government has stated that the change is part of its ongoing efforts to make the transfer duty process fairer and more transparent. The government has also indicated that the new policy will align with the transfer duty payable on dutiable transactions, such as property sales.
It`s important to note that the new policy will only apply to cancelled agreements entered into on or after 1st October 2021. Any agreements entered into before this date will continue to be subject to the previous transfer duty calculation method.
If you`re involved in a cancelled agreement, it`s important to seek the advice of a legal professional to ensure that you understand your rights and obligations under the new transfer duty policy. They can provide you with guidance on how the policy will affect your situation and help you navigate the transfer duty process.
In conclusion, the new cancelled agreement transfer duty policy in Queensland is a positive move for the state`s property market. It aims to make the transfer duty process fairer and more transparent, and may also encourage parties to enter into agreements at market value. If you`re involved in a cancelled agreement, seek the guidance of a legal professional to navigate the new policy successfully.