Stamp duty is a form of taxation imposed by the Tasmanian State Government according to the Duties Act 2001. It applies when acquiring an interest in the dutiable property, such as purchasing a property. The duty payment is required to be made within three months from the date of the dutiable transaction, typically the settlement date.
How is stamp duty in Tasmania is calculated?
|Value of the property (including chattels)||Duty payable|
|Not more than $3 000||$50|
|More than $3 000 but not more than $25 000||$50 plus $1.75 for every $100, or part, by which the dutiable value exceeds $3 000|
|More than $25 000 but not more than $75 000||$435 plus $2.25 for every $100, or part, by which the dutiable value exceeds $25 000|
|More than $75 000 but not more than $200 000||$1,560 plus $3.50 for every $100, or part, by which the dutiable value exceeds $75 000|
|More than $200 000 but not more than $375 000||$5,935 plus $4.00 for every $100, or part, by which the dutiable value exceeds $200 000|
|More than $375 000 but not more than $725 000||$12,935 plus $4.25 for every $100, or part, by which the dutiable value exceeds $375 000|
|More than $725 000||$27,810 plus $4.50 for every $100, or part, by which the dutiable value exceeds $725 000|
Stamp duty exemption in Tasmania
- First home buyers of established homes duty concession:
- Provides a 50 per cent concession on property transfer duty to eligible first-home buyers of established homes.
- Pensioners downsizing to a new home duty concession
- Provides a 50 per cent concession on property transfer duty to eligible pensioners who sell their former home in Tasmania and downsize to a new home in Tasmania.
- Personal relationship duty exemption
- Provides an exemption from property transfer duty when a principal place of residence is transferred between partners in a marriage, a significant relationship or caring partners.
- Breakdown of relationship duty exemption
- Provides exemption from duty for the transfer of property following the breakdown of a relationship.
- Intergenerational rural transfer (family farm) exemption
- Provides an exemption from property transfer duty on the transfer of primary production land to relatives or certain trusts and companies involving relatives.
- Corporate reconstruction and consolidation transaction exemption
- Provides specific duty exemptions for corporate reconstruction and corporate consolidation transactions resulting from corporate reorganisations.
Exemptions for the First Home Buyers in Tasmania
Who can apply?
To be eligible for the exemption mentioned, the following conditions must be met by all purchasers/transferees:
- Purchase an established home in Tasmania that falls within specific value limits:
- $400,000 or less between 7 February 2018 and 15 March 2021 (inclusive)
- $500,000 or less between 16 March 2021 and 31 December 2021 (inclusive)
- $600,000 or less between 1 January 2022 and 30 June 2024 (inclusive)
- Be a natural person (not a company or trust).
- Be at least 18 years old.
- Be an Australian citizen or permanent resident. If there are multiple applicants, at least one of them must meet this criterion.
- Neither the applicant nor their spouse/partner should have previously owned a home in Australia.
- Neither the applicant nor their spouse/partner should have received a First Home Owner Grant or Duty Concession in any state or territory of Australia.
- Complete the application form thoroughly and submit it with all the required supporting documentation.
- List each person holding a relevant interest in the property on the application form.
How much is the stamp duty with the first home buyer concession?
|Property Value Range (inclusive)||Duty Payable (Percentage of Property Value)|
|$0 – $400,000||0%|
|$400,001 – $500,000||Reduced duty, calculated on a sliding scale|
|$500,001 and above||Full duty applies|