TAS: land tax reduction, stamp duty reduction, other
July 8, 2021
The Tasmanian Parliament has passed the Treasury Miscellaneous (Cost of Living and Affordable Housing Support) Bill 2021, which includes:
- increasing the First Home Owners Grant from $20,000 to $30,000, backdated to 1 April 2021 until 30 June 2022
- increasing the threshold for the 50 per cent stamp duty concession to apply to purchases up to $500,000 for Tasmanians buying their first home and pensioners downsizing their family home, which will be backdated to 16 March 2021
- reducing land tax costs by increasing thresholds, allowing payment by instalments on accounts over $500 and reducing interest applied to deferred payments and
- capping the Motor Accidents Insurance Board duty as part of the state government’s new quarterly vehicle registration payment option.