Stamp Duty Calculator TAS

While Tasmania doesn't offer full stamp duty exemptions for first-home buyers, there are several concessions and benefits available:

First Home Owner Grant (FHOG)

Eligible first-home buyers purchasing or building a new home after 1 July 2024 can receive a $10,000 grant.

First Home Buyer Duty Concession

From 18 February 2024 to 30 June 2026, eligible first-home buyers purchasing established homes may receive a full exemption from property transfer duty.

Eligibility Criteria:

• Property value must not exceed $750,000.
• Buyers must be at least 18, Australian citizens or permanent residents, and have never owned a home in Australia.
• The home must be owner-occupied for at least six months within 12 months of settlement.
• Only previously occupied homes qualify (new homes are excluded).

Pensioner Duty Concession

Eligible pensioners downsizing to a new home in Tasmania can receive a 50% reduction in property transfer duty.

Eligibility Criteria:

• The new home must be less expensive than the former and not exceed $600,000.
• The sale of the former home must settle between 10 February 2018 and 30 June 2025.
• The new home must be purchased within six months of selling the former.
• At least one applicant must be 60+ years old and hold an eligible pension or concession card.

Partner Property Transfer Exemption

Stamp duty is waived for property transfers between spouses, de facto partners, or caring partners if:

• The property is their principal place of residence.
• Ownership is held as joint tenants or tenants in common in equal shares.

Foreign Buyer Surcharges

Foreign Purchaser: a 8% surcharge rate applies

FIDS exemptions may apply if the buyer:

• Holds a permanent visa, or
• Is a New Zealand citizen holding a Special Category Visa (Subclass 444).

If the buyer leaves Australia within three years while still holding the property, the surcharge may be reassessed.

For the latest updates and full eligibility details, visit the Tasmanian State Revenue Office website.

Duty is payable within three months of the date of the dutiable transaction (usually the date of settlement) and is payable by the transferee (the purchaser).

Failing to pay stamp duty by the deadline can lead to:

• Penalty interest accumulating daily on the outstanding amount.
• Fines imposed by the Tasmanian State Revenue Office.
• Legal action in severe cases of non-compliance.

To avoid these penalties, ensure timely payment or discuss payment plan options with your mortgage broker or conveyancer.

When buying a home, it’s important to plan for more than just stamp duty. One of the biggest upfront costs is your deposit, which typically ranges from 5% to 20% of the property price. If your deposit is under 20%, you may also need to pay Lender’s Mortgage Insurance (LMI), which can add thousands to your overall costs.

There are also legal and inspection costs to consider. Conveyancing or solicitor fees usually range from $1,500 to $3,000 to handle the legal transfer of the property. Building and pest inspections, essential for checking the property’s condition, can cost up to $700.

Your lender may charge a loan establishment fee of up to $1,000. On top of that, government fees such as mortgage registration (around $160) and land transfer fees (starting from $245) vary depending on the value of the property.

Don’t forget other expenses like building insurance, moving costs, and utility connections. Factoring in all these additional costs can help you avoid surprises and make your home buying journey smoother and more stress free.