Eligible first home buyers in Tasmania can now receive a stamp duty exemption when purchasing an existing dwelling valued up to $750,000.
Previously, eligible first home buyers in Tasmania have received a 50% discount on stamp duty when purchasing an existing dwelling (house, unit or apartment) valued up to $600,000.
As of 1 July 2024, new legislation has come into effect providing that eligible first home buyers are now exempt from paying stamp duty. In other words, no stamp duty is payable.
To receive this exemption the following requirements must be met:
- The purchaser must be an eligible first home buyer (if there is more than one purchaser, all purchasers must be eligible);
- The property purchased must be an existing dwelling with a dutiable value of no more than $750,000;
- The property must be transferred to the purchaser/s within the eligible period between 18 February 2024 and 30 June 2026; and
- The purchaser/s must use the property as their principal place of residence for a continuous period of at least 6 months within the first 12 months from when the property was transferred.*
The legislation applies retrospectively from 18 February 2024. This means if you purchased a property on or after this date as a first home buyer and paid 50% of the stamp duty, you are likely eligible for a refund and should seek legal advice.
If you are purchasing property in Tasmania for the first time you should seek legal advice to determine whether you are eligible for the stamp duty exemption and what steps you will need to take.
*discretion may be exercised by the Commissioner for State Revenue.