The Tasmanian Liberal Government’s commitment to stamp out stamp duty has tonight passed through the parliament.
Acting Minister for Finance, Michael Ferguson, said the first tranche of stamp duty changes in our 2030 Strong Plan for Tasmania’s Future will now be enacted, making it easier for thousands of aspiring homeowners to own a piece of Tasmania.
“These changes will make a real difference in helping Tasmanians buy their first home,” Minister Ferguson said.
“It increases the First Home Buyer Duty Concession from 50 per cent to 100 per cent, and increases the current dutiable value cap of $600,000 to $750,000, meaning that first home purchasers buying a property of $750,000 or less will pay no Stamp Duty on their home. That’s a saving of up to $28,945.
“Importantly, the policy is retrospective to February 18 2024, which means any eligible first home buyer who has bought a house since then will get their Stamp Duty returned.
“The Tasmanian Liberal Government is delivering on the things that matter to Tasmanians, and I’m pleased that buying a home will now be easier for thousands of people following the passage of our Stamping Out Stamp Duty policy through the Parliament.
“The exemption will run for two years, and will support more Tasmanians into their first homes.”
The Bill also extends the Government’s pensioner downsizing concessions, raises the land tax tax-free threshold by from $99,999 to $124,999 and extends the land tax exemption for newly built houses made available for long-term rental.
This Bill also extends the land tax exemption for people returning their short-stay properties to the long-term rental market, ensuring that through our 2030 Strong Plan for Tasmania’s Future more homes are available right across Tasmania’s rental market.
The Bill also extends the payroll tax rebate scheme for apprentices, trainees and youth employees for one-year to 30 June 2025.
Stamping out Stamp Duty was a key commitment of the Government’s First 100 Days.
Our Stamping Out Stamp Duty Plan is for existing houses, units and apartments, and will begin immediately for two years until 30 June 2026, and will then be reviewed subject to prevailing market and economic conditions.
“Already, our stamp duty discounts have helped 8,000 young Tasmanians into their first home in the past six years, and now we’ll be helping thousands more.”
Find out how much you can potentially save via out Stamp Duty Calculator: https://stampoutstampduty.com/about
