New online form for Principal Residence Land classification
Released 13 July 2018
The State Revenue Office has released a new online form for property owners applying for Principal Residence Land classification. Access
the Principal Residence Land form by selecting the ‘Online Forms’ button on the
(Property owners who wish to apply only for partial Principal Residence Land classification should call the State Revenue Office: (03) 6166 4400).
Market Interest Rate for 2018-19
Released 29 June 2018
The market rate of interest for the 2018-19 financial year increases to 1.96 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.
The Market Rate of Interest is discussed in the Revenue Ruling on Interest and Penalty Tax for tax defaults, published by the Commissioner for State Revenue.
Land Tax Search fee and Duties Administration fee for 2018-19
Released 29 June 2018
From 1 July 2018, the fee for issuing a Land Tax Search certificate will increase from $11.62 to $11.85. Go here for more information about Land Tax Search.
From 1 July 2018, the State Revenue Office Duties Administration fee for processing optional Duties Instruments will rise from $38.75 to $39.50.
The increases occur as at 1 July each year in line with the CPI adjustment factor provided for under section 5 of the Fee Units Act 1997.
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.