first_imgThose over 65 who sell their family home can contribute $300,000 of the profit into their superannuation from July 1. Picture: AAP Image/Joel Carrett. QUEENSLAND Queensland has the biggest number of changes impacting the property sector this new financial year.In a bid to cash in on the massive surge in foreign buyers, the Palaszczuk Government put in place an Additional Foreign Acquirer Duty (AFAD) — basically a transfer tax applying to foreign purchasers of Queensland property. From July 1, the tax will rise from the current 3 per cent to 7 per cent. The duty applies to foreign individuals, corporations and trusts.A new land tax category for holdings over $10m also comes into force July 1, which will see individuals charged 2.25 per cent on their holdings, while trusts, companies or absentee landholders would be charged 2.5 per cent.A waste disposal levy of $70 per tonne will also add to costs, according to the Property Council.The Queensland First Home Owners’ Grant also decreases by $5,000 to $15,000 for new build homes from July 1.More from newsParks and wildlife the new lust-haves post coronavirus18 hours agoNoosa’s best beachfront penthouse is about to hit the market18 hours ago Inside Gold Coast’s most expensive rental AFL legend sells Coast home Buyer quick to snap up $500K town Data collated by Queensland Economic Advocacy Solutions expected to see good news for regional parts of the Sunshine State come July, with electricity bills set to go down. Residential customers were generally expected to see a 1.3 per cent drop while business ones were to get 3.4 per cent. Apparently in South East Queensland, Origin Energy had committed to cutting electricity bills by 1.8 per cent. Council rates were also expected to rise, with QEAS expecting Brisbane to rise 2.5 per cent, Gold Coast 1.7 per cent, Sunshine Coast 3.5 per cent, Moreton Bay 2.9 per cent, Ipswich 3 per cent and Cairns 1.7 per cent.Utility costs were also expected to rise, QEAS said, up 2 per cent in Greater Brisbane via Queensland Urban Utilities, 0.6 per cent in Sunshine Coast and Noosa and 0.5 per cent in Moreton Bay via Unity Water. 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This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreen00:00 Bulk water costs in water and sewerage bill were also set to rise with SEQ council areas to hit $3.12 per kilolitre by July 1, 2020. Places where costs were lower can expect to see annual rises in the region of 6 per cent for the Sunshine Coast and Noosa, 7.3 per cent for Redland, and 3.5 per cent for all other SEQ councils annually “until they reach that price”, according to QEAS’ director Nick Behrens. NEW SOUTH WALES Come July 1, eConveyancing will replace paper and manual processes in property transactions in NSW. “All stand-alone transfers and caveats must be lodged electronically from this date,” according to the Property Council. Local Infrastructure Levy caps will be increased to $40,000 for greenfield areas and $30,000 for infill areas not funded by the Local Infrastructure Growth Scheme. SOUTH AUSTRALIA The state’s off-the-plan stamp duty concession measure ends on June 30, 2018.As well SA enters the final phase of the full abolition of commercial stamp duty. ACT Stamp duty will be abolished for first home buyers who earn less than $160,000 for new or existing homes.It will coincide with the abolition of first home buyers grant. FOLLOW SOPHIE FOSTER ON FACEBOOK Anyone buying new houses, units or subdivided land will have to ensure they pay the GST element of the transaction direct to the ATO and not to the developer.BIG changes are afoot in the property market starting July 1 — and here’s your quick guide to it all from buyers collecting tax for ATO to higher land taxes. FEDERAL GST The biggest change starting July 1 is that buyers of new houses, units or residential land blocks effectively become tax collectors for the government, that is, they become responsible for paying the GST element of their deal direct to ATO.Shoddy developers who “phoenix” have caused the change, according to the Property Council of Australia — “phoenixing” is when a person starts a new company doing the same business after deliberately liquidating another company to avoid paying its debts including taxes.Property Council chief executive Ken Morrison said “under this change, buyers of new residential properties or subdivision of potential residential land will be responsible for remitting the GST amount to the ATO on or before settlement”. Inside absurd $250m mansion Tide has turned for Brisbane units Brisbane to lead housing growth “Previously, this was done by the developer. The overwhelming majority did the right thing and passed the GST they collected through to the ATO, but this measure has been introduced to deal with the minority who didn’t through so-called ‘phoenixing’,” he said.This change is best discussed with a solicitor or settlement agent, and the federal government has a contingency plan for people who bought their new property before July 1 but will settle after it. Super contribution Another big federal change, Mr Morrison said, was that those aged 65 or over would from July 1 be able to pay $300,000 from the sale of the family home into superannuation accounts. Super first home voluntary contribution Individuals making voluntary contributions into superannuation for their first home deposit will be able to access that from July 1. The savings measure started a year ago with a limit of $15,000 for individuals and $30,000 in total for a property.last_img