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What is duty?
Duty (previously known as “stamp duty”) is a form of taxation charged by the State Government, under the Duties Act 2001 , when someone acquires an interest in property, usually by buying a property.
The type of property and the way it is acquired can impact the way that duty is assessed.
Property types subject to duty are:
Duty must normally be paid by the purchaser/transferee within three months of the transfer of the property.
Multiple purchases (aggregation) - where there is a series of, or multiple, transactions by the same transferee or transferee(s) who are associated persons within 12 months, these transactions may be grouped together, or aggregated, for the purposes of calculating duty.
Further information is available on:
Duty on goodwill and other non-real business assets was abolished on 1 July 2008. Calculation of duty on transactions after this date will exclude the value of non-dutiable items.
Mortgage Duty was abolished from 1 July 2007 as part of the 2005-06 Budget.
Tasmanian Revenue Online- Registered users can self assess duty documents online through Tasmanian Revenue Online.