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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

June 21, 2024

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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