Michael Ferguson,Minister for Finance
The Tasmanian Liberal Government has a strong plan to secure our state’s future by helping Tasmanians buy their first home and helping pensioners move into a smaller home.
Tasmania is a great place to live, work and raise a family and that’s why we are increasing the threshold for stamp duty concessions from $400,000 to $500,000 for Tasmanians buying their first home and pensioners down-sizing.
This will mean a saving of up to $9,100 for home buyers.
Additionally, we will introduce a suite of measures to modernise land tax in the 2021-22 financial year, including:
- The tax-free threshold will be doubled from $25,000 to $50,000;
- The premium penalty interest rate will be halved from 8 per cent to 4 per cent;
- Land tax bills of more than $500 will be able to be paid in three instalments; and
- The upper threshold will be increased from $350,000 to $400,000.
These changes in thresholds will benefit about 70,000 landowners and will mean around 4,100 additional landowners will pay no land tax in the year ahead.
Collectively, these measures will ease cost of living pressures for Tasmanian families.
This is in addition to our existing, and extremely successful, support measures, including the First Home Owner Grant and the Australian and Tasmanian HomeBuilder grants.