January 24

Practice Direction Duties Act 67.1 - Transfers or agreements by way of gift of residential land within A marriage or de facto relationship

A transfer duty exemption is contained in s.151 of the Duties Act 2001 (the "Duties Act") for transfers or agreements to transfer of residential land by way of gift from one party to a marriage or de facto relationship to the other party to a marriage or de facto relationship.

In these situations, the residential land may be subject to a mortgage and the incoming party may assume part of the mortgage debt. In accordance with s.12(1)(a) of the Duties Act, the assumption of a debt is consideration. The transaction is not by way of gift, however the transfer duty exemption was intended to apply in these circumstances

Read the Practice Direction here.

January 18

Practice Direction Land Tax 17.1 - The land tax concession for a principal place of residence

Practice Direction LT 17.1 sets out the changes made to the land tax concession for a principal place of residence ("PPR") by the Revenue Legislation Amendment Act 2005. The changes involve the extension of the application of the existing PPR exemption for land tax and the introduction of either a full or partial PPR exemption where land used as a PPR is also used for other purposes.

As the Practice Direction outlines changes that are beneficial to taxpayers, it was important to release this Practice Direction as soon as possible. Should anyone have any comments in relation to this Practice Direction, please forward those comments in writing to OSR at the address below. A review of the operation of this Practice Direction will be undertaken in light of any comments received.

Comments should be addressed to:

Ms Veronica Power
Manager Administrative Policy Branch
Office of State Revenue
GPO Box 2593
BRISBANE QLD 4001

Read the Practice Direction here.

January 9

Revenue Queensland survey - last chance to have your say!

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January 5

OSR Duties Calculators

OSR's duties calculators have been updated and are available now on the OSR website.