Tasmanian Government’s stamping out stamp duty policy

The Tasmanian Government announced a temporary stamp duty concession for first home buyers in February 2024, which will run for two-and-a-half years. It is only eligible where a contract was entered into on or after 18 February, 2024.

How does the stamping out stamp duty policy work?

The stamp duty relief is a full exemption from property transfer duty available to first home buyers in Tasmania. It covers established homes with a dutiable value of $750,000 or less which settle between 18 February 2024 and 30 June 2026 inclusive.

Example of how the policy will work

Yumi signed a contract in November 2024 to buy an apartment in Burnie. This is her first property purchase, and the 2-bedroom apartment has a dutiable value of $490,000. Normally, she would pay $12,395 stamp duty plus $4.25 for every $100 over $375,000. As Yumi purchased the apartment within the window for the stamp duty policy, she will not pay anything.

The types of properties eligible

In order to benefit from the stamping out stamp duty policy, prospective first home owners must purchase an established property.

What are the eligibility requirements for buyers?

To be eligible to benefit from the policy, all parties purchasing the property are bound by the below requirements.

  • They must purchase an established home in Tasmania that has a dutiable value of:
    • $750 000 or less for property purchases between 18 February 2024 and 30 June 2026 inclusive.
    • $600 000 or less for property purchases between 1 January 2022 and 17 February 2024 inclusive.
    • $500 000 or less for property purchases between 16 March 2021 and 31 December 2021 inclusive.
    • $400 000 or less for property purchases between 7 February 2018 and 15 March 2021 inclusive.​​
  • They must be a natural person (not a company)
  • They must be at least 18 years of age
  • At least one person must be an Australian citizen or permanent resident
  • They must not have previously owned a home (or have a spouse/partner who owned a home) in Australia
  • They must not have previously received a First Home Owner Grant in any state or territory of Australia or the Duty Concession (46E of the Duties Act 2001) or the Duty Exemption (57G of the Duties Act 2001) or have a spouse/partner who has
  • They must reside in the property as their principal place of residence for a continuous period of six months. This must occur within 12 months of purchasing the property.

How long does the scheme last?

The exemption from stamp duty is available up to and including 30 June 2026.

Can the policy be used with other schemes and incentives?

Yes, for example, first-time buyers in Tasmania may qualify for the First Home Owner Grant (FHOG) of $10,000 grant, as well as avoiding stamp duty.

Speak to a Mortgage Choice broker to understand more about the stamping out stamp duty policy