Duty concession for first home buyers of established homes
The concession provides a 50 per cent discount on property transfer duty for first home buyers of established homes, which have a dutiable value of $400 000 or less.
State Budget update: 23 May 2019
Duty Concession for first home buyers of established homes is extended to 30 June 2020. The extension is subject to the gazetting of a Ministerial Order.
The discount is available for purchases that settle (i.e. transfers that complete) between 7 February 2018 and 30 June 2020 (inclusive).
To be eligible for this exemption all of the purchasers/transferees:
- must purchase an established home in Tasmania between 7 February 2018 and 30 June 2020 (inclusive) that does not exceed $400 000; and
- must be a natural person (not a company or a trust); and
- must be at least 18 years of age*; and
- must be an Australian citizen or permanent resident - or if there is more than one applicant, at least one of them must meet this criteria; and
- must not have previously owned a home (or have a spouse/partner who owned a home) in Australia; and
- must not have received a First Home Owner Grant in any state or territory of Australia or the Duty Concession before (or have a spouse/partner who has); and
- must fully complete the application form and lodge with all relevant supporting documentation; and
- must ensure each person holding a relevant interest in the property is listed on the application form.
In addition to the above requirements, eligible transferees must occupy the home as their principal place of residence for a continuous period of 6 months commencing within 12 months of purchasing the property*. To comply with the requirement of a principal place of residence, the property must be the place at which you usually eat and sleep – leaving personal belongings at a vacant residence is not sufficient to meet this condition. The duty concession may be applied in anticipation of this requirement being met.* The Commissioner has a discretion to vary this requirement in some circumstances.
How to apply
To apply for the concession, and to seek a duty refund, please complete the Duty Concession for First Home Buyers application form and lodge it with the State Revenue Office.