State Government Taxation Measures 2018
The Government introduced Duties, Land Tax, and Payroll Tax concessional and other taxation measures to the House of Assembly on 15 June 2018. Please read this summary factsheet for more information and links to the relevant eligibity criteria.
of the $20 000 First Home Owner Grant
The Tasmanian Government has announced in the 2018-19 State Budget the extension of the $20 000 First Home Owner Grant for eligible first home owners for the purchase or building of a new home. The extension of the scheme means that the $20 000 payment will be available for eligible transactions up to and including 30 June 2019. Please read this factsheet for the eligibility criteria and more information.
Market Interest Rate for 2017-18
The market rate of interest for the 2017-18 financial year decreases to 1.73 per cent.
The rate is based on the 90-day Bank Accepted Bill Rate published by the Reserve Bank of Australia in the May preceding the new financial year.
Interest is imposed to:
- compensate the Tasmanian Government for being denied the use of revenue; and
- promote equity among taxpayers by ensuring that those who meet their obligations are not disadvantaged compared with those who do not.
2017-18 fees for Land Tax Search and Duties Administration
The fee for issuing a Land Tax Search certificate will increase from $11.47 to $11.62 from 1 July 2017.
The SRO's Duties Administration Fee for processing optional Duties Instruments will rise from $38.25 to $38.75 from 1 July 2017.
The fee increases at 1 July each year in accordance with the CPI adjustment factor provided for under Section 5 of the Fee Units Act 1997.
2017-18 State Budget initiatives
The 2017-18 State Budget included the following taxation related measures:
First Home Owner Grant
The extension of the $20 000 First Home Owner Grant for one year from 1 July 2017 to 30 June 2018 - more details.
Payroll Tax Rebate
Introduction of a payroll tax rebate scheme for employers of eligible apprentices, trainees and youth employees who commence employment between 1 July 2017 and 30 June 2019 - more details.
Amendments to section 19(2) of the Duties Act 2001
Changes to section 19(2) of the Duties Act 2001 in relation to house and land packages - more details.
These measures came into legislative effect from 1 July 2017.
Royal Assent for the Taxation and Related Legislation (Miscellaneous Amendments) Act 2017
The Taxation and Related Legislation (Miscellaneous Amendments) Act 2017 received Royal Assent on Monday, 8 May 2017. All amendments become effective from 1 July 2017, unless noted differently.
The legislation amends the following taxation Acts:
Duties Act 2001
- simplifies the requirements for an exemption from duty for the transfer of motor vehicles from deceased estates (section 199) - took effect on 8 May 2017;
- removal of the imposition of duty from various instruments that do not effect a change of ownership of land; and
- facilitates the future introduction of electronic conveyancing.
- eligible taxpayers who have incurred and paid duty on the transfer of a motor vehicle as part of a deceased estate between 1 July 2016 and 7 May 2017 inclusive may be eligible for ex gratia assistance. For information about how to apply, please go here.
Land Tax Act 2000
- one year extension of the principal residence land classification for deceased estates.
Payroll Tax Act 2008
- amends the motor vehicle allowance provisions (Section 29) - took effect from 1 July 2016.
Taxation Administration Act 1997 and Taxation Administration Regulations 2010
- changes to data collection and sharing arrangements between State Government agencies.
The legislation also contains consequential amendments to a number of other Acts.
Follow this link for a summary of the amendments.