Australia: Housing and employment support bill passes parliament (Tasmania)
Includes an increase in first home buyer stamp duty concession and a tax-free threshold on land tax
Includes an increase in first home buyer stamp duty concession and a tax-free threshold on
The Tasmanian government’s taxation bill, which includes an increase in first home buyer stamp duty concession and a tax-free threshold on land tax, has passed State Parliament.
The legislation contains the following measures:
- Increasing the First Home Buyer Duty Concession from 50% to 100%, and increasing the current dutiable value cap of AU$600,000 to AU$750,000, with the change applied retrospectively from February 18, 2024
- Extending the 50% duty concession for eligible pensioners downsizing their home for another year, to June 30, 2025
- Extending the existing three-year land tax exemption for newly built housing for long-term rental and one-year land tax exemption for short-term visitor accommodation converted to long-term rental to June 30, 2026
- Increasing the tax-free threshold on land tax from AU$99,999 to AU$124,999
- Extending the payroll tax rebate scheme for apprentices, trainees, and youth employees for one year, to June 30, 2025
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