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Queensland Treasury Corporation exemption (s. 431A) toolkit

This toolkit brings together everything you need to know about self assessing transfer duty on a financial or other arrangement entered into by the Queensland Treasury Corporation (QTC) or an affiliate.

Transfer duty does not apply to an instrument or transaction that is a financial or other arrangement entered into by the QTC or an affiliate. This exemption, under section 431A of the Duties Act 2001, must be assessed by registered self assessors in OSR Online.

In order for this exemption to apply:

  • QTC or an affiliate must be a party to the instrument or transaction
  • the Treasurer must certify the arrangement has the objective to develop the state, advance its financial interests or benefit persons residing in or associated with Queensland.

For the purposes of this exemption:

  • 'affiliate of the Queensland Treasury Corporation' means an affiliate of the corporation under the Queensland Treasury Corporation Act 1988
  • 'financial arrangement' means a financial arrangement under the Queensland Treasury Corporation Act
  • 'Queensland Treasury Corporation' means the Queensland Treasury Corporation constituted under the Queensland Treasury Corporation Act.

Assessing a QTC exemption

Here are some tips to help you self assess this type of transaction in OSR Online.

How to lodge online

You must complete all mandatory fields under each tab in OSR Online. Mandatory fields are marked with a red asterisk. There are some specific data entry requirements.

  • Answer Yes to the question: Is the consideration for this transaction less than the unencumbered value of the property included in this transaction?
  • Enter the unencumbered value of 100% interest in property if known; if unknown, enter $0.00 (nil).
  • Select Yes to the question: Is an exemption being claimed?
  • Select S.431A exemption Qld Treasury Corporation & its affiliates from the Exemption type drop-down list.

Non-Australian entity

When a transaction includes real property, each transferor and transferee must declare whether they are a non-Australian entity.

A non-Australian transferor or transferee must complete an identity details annexure.

For transferors, an email is automatically generated through OSR Online when the transaction is lodged, asking the transferor to complete an online identity details annexure. Contact us for help if you cannot obtain the transferor's email address.

Transferees must complete an identity details annexure and you must enter these details in OSR Online.

Records you need to keep

You must keep a completed dutiable transaction statement (Form D2.2) for this type of transaction.

For a transaction involving real property, you must keep the identity details annexure for each non-Australian transferee.

Find out more about your record keeping obligations.

Also consider...

Contact

Office of State Revenue
For transfer duty self assessment queries:

For queries on payroll tax, land tax and royalties:

  • call 1300 300 734 (Australia) or +61 7 3179 2500 (overseas)
  • send an email using our online enquiry form.