The Tasmanian budget 2024-2025, delivered September 12, 2024, includes the following tax proposals:
- A first home buyer duty exemption would exempt duty (tax) for first home buyers of properties valued up to $750,000* (a saving of up to $28,935). The exemption would apply from February 18, 2024. to June 30, 2026.
- The land tax threshold would increase from $99,999 to $124,999 from the land tax year commencing July 1, 2024.
- A “pre-completion duty concession” was introduced, under which a 50% duty concession would be available for buyers of new apartments and off-the-plan units or units under construction valued at up to $750,000, with effect from July 1, 2024, to June 30, 2026.
- A number of existing duty exemptions/concessions would be extended:
- The land tax exemptions for newly constructed rental properties, and for former short-stay accommodation premises, that are made available for long-term rental would be extended by two years to June 30, 2026.
- The 50% duty concession on certain transfers to pensioners downsizing would be extended by 12 months to June 30, 2025.
- The payroll tax rebate scheme for youth employees, apprentices and trainees (under which payroll tax paid in respect to such wages can be rebated) would be extended by 12 months to June 30, 2025.
Further, the Tasmanian government has paused work on a Tasmanian road user charge for zero and low emission vehicles.
For more information, contact a KPMG tax professional in Australia:
Sarah Shaw | spshaw@kpmg.com.au
Alex Pringle | apringle2@kpmg.com.au
*$ = Australian dollar