Surrender of leases toolkit

This toolkit brings together everything you need to know about self assessing duty on the surrender of a lease over land in Queensland.

A surrender of a lease over land in Queensland is a dutiable transaction and must be assessed for transfer duty. Whether any amount is payable is dependent on the dutiable value of the lease, which relies mainly on any amounts being paid for the surrender.

An exemption under section 147 of the Duties Act 2001 applies to a surrender of a lease of land in Queensland if:

  • there is no premium, fine or other consideration paid or payable for the surrender
  • or
  • any premium, fine or other consideration paid or payable for the surrender is paid by the lessor.

If you believe this exemption applies to a transaction and you are a registered self assessor, you must self assess it.

When the exemption does not apply, you must assess transfer duty on the value of any premium, fine or consideration paid or payable for the surrender.

Assessing a surrender of lease exemption

Follow these step-by-step procedures for self assessing an exempt or dutiable surrender of lease:

Read our endorsing examples if you are unsure how to stamp the documents for a section 147 exemption on a surrender of lease.

Record keeping

For this type of transaction, you must keep a completed dutiable transaction statement (Form D2.2).

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.