e-Revenue Queensland issue 7 August

OSR attends home buyer expo

OSR has an active client engagement strategy to help self assessors comply with their obligations under the Tax Administration Act 2001.

As part of this strategy, the Office of State Revenue (OSR) attended the Brisbane Home Buyer Show in July to present information on the First Home Owner’s Grant (FHOG), land tax, stamp duty home concessions and how to calculate Queensland stamp duty

Treasurer Andrew Fraser attended the expo to view the OSR display and took advantage of a demonstration of the online duty calculators available from the OSR website and accessible to all home buyers.

OSR also presented information on state tax property obligations and entitlements at the First Home Buyer stage to assist first home buyers and property investors.
 
Attendees had the opportunity to access information on commonly asked questions, including:

  • What do I need to do to get the FHOG or obtain a first home concession?
  • What are the residency requirements?
  • What are my state tax obligations as an investor?
  • What action do I need to take if my circumstances change?
  • What is my liability for stamp duty when buying property in Queensland to live in or for investment purposes?
  • A summary document of commonly asked questions and the Home Show presentation will be available from the OSR website.

If you require any further information, please contact us by emailing client support.

Mortgage duty abolished from 30 June 2008

The Treasurer announced in the 2008-09 State Budget that Mortgage duty will be abolished in Queensland from 1 July 2008. A range of state taxes are due for abolition as a result of continued taxation reform commitments under the Intergovernmental Agreement on the Reform of Commonwealth-State Financial Relations (IGA).

Mortgage self assessors can view the Abolition of Mortgage Duty in Queensland information sheet to confirm the transition arrangements and clarify compliance responsibilities.   Incorporated in the transition arrangements, is the requirement for all mortgage self assessors to forward a completed Form 12.4 to OSR after accounting for all pre-1 July 2008 liabilities.  Upon receipt of Form 12.4, OSR will cancel the relevant self assessor’s mortgage duty registration.
 
The June mortgage duty return was due on or before the 14th of July 2008.  If mortgage duty self assessors had no transactions during the month of June, they were still required to complete a nil return.  An online demonstration is available to assist with lodgement obligations.
 
Mortgage duty returns that are lodged after the due date will be subject to Unpaid Tax Interest (UTI) calculated on the duty payable.  The Commissioner may also choose to charge UTI for late lodgements, or for those on which UTI has been inadvertently omitted.
 
If you require assistance completing your returns or training on how to use Duties Online, please contact us by emailing client support or call our Client Contact Centre on 1300 300734