As Hamilton Island is unique in the land title structure under the Crown Lease system, it has enabled certain properties to be able to capitalise on rulings made by the Office of State Revenue.
Lease duty
All properties are exempt from lease duty as of 1 January 2006.
Transfer Duty upon purchase
Stamp Duty is payable upon certain properties on Hamilton Island however there are many properties where no transfer duty on the purchase of actual apartments is payable as per the Office of State Revenue Ruling from 1 January 2007. On these apartments, the only Stamp Duty payable is on the "chattels" which is comprised of generally the furniture components.
Example 1: $815,000 Investment Apartment on the mainland including a furniture package valued at $15,000.
Stamp Duty payable: $29,150
Example 2: $815,000 Investment Apartment on Hamilton Island including a furniture package valued at $15,000.
Stamp Duty is only payable on the $15,000 Furniture Package.
Stamp Duty payable: $225
To find out more about which properties on Hamilton Island receive these stamp duty benefits, please contact the agent.