Buying a home will be easier for thousands of Tasmanians following the passage of the Tasmanian Liberal Government's Stamping Out Stamp Duty policy through the House of Assembly.
Acting Minister for Finance, Michael Ferguson said the Government's 2030 Strong Plan for Tasmania's Future will help singles, couples and families to buy their first home through a range of measures.
"The House of Assembly has today passed the Taxation Legislation (Affordable Housing and Employment Support) Bill, taking the first step in ensuring more Tasmanians can buy their first home faster," Minister Ferguson said.
"The Bill makes changes to the First Home Buyer Duty Concession increasing the 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.
"This exemption applies retrospectively from 18 February 2024, which means any eligible first home buyer who has bought a house since then will get their Stamp Duty returned, providing immediate rebates for hundreds of Tasmanians. The exemption will run for two years."
The Bill extends support to Tasmanians at all stages of life.
"As well as supporting first-time buyers with duty concessions, this Bill also extends our pensioner downsizing concessions, extends the land tax exemption for newly built houses made available for long-term rental, and extends the land tax exemption for people returning their short-stay properties to the long-term rental market," said Minister Ferguson.
"We are also delivering the Government's election commitment to raise the land tax tax-free threshold by from $99,999 to $124,999. When we came to office that threshold was set at just $25,000."
The Bill also extends the payroll tax rebate scheme for apprentices, trainees and youth employees for one-year to 30 June 2025.
"The Tasmanian Liberal Government is delivering on our 2030 Strong Plan for Tasmania's Future and through it supporting more Tasmanians into their first homes," Minister Ferguson said.
