Duty concession for pensioners downsizing to a new home
The concession provides a 50 per cent discount on property transfer duty for eligible pensioners who sell their former home in Tasmania and downsize by buying another home in Tasmania. The new property must have a dutiable value of $400 000 or less and also have a dutiable value less than the former home.
Duty concession for pensioners downsizing to a new home in Tasmania is extended to 30 June 2022.
The concession is available where:
- the sale of the former home settles (i.e. the transfer completes) between 10 February 2018 and 30 June 2022 (inclusive); and
- the purchase of the new home settles within six months (either before or after) the transfer (selling date) of the former home.
To be eligible for this duty exemption, at least one of the purchasers/transferees:
- Must be aged 60 years or over and:
- hold a Pensioner Concession Card; or
- receive a DVA special rate pension; or
- hold a Commonwealth Seniors Health Card.
• Must have occupied the former home as their principal place of residence for at least six months.*
• Intends living in the newly purchased home for at least six months, commencing within 12 months after its purchase.*
• Must ensure that ownership of the newly purchased home is in the same name/names as that for the former home prior to its transfer.*
• The eligible pensioner (or the pensioner's spouse) must not own a home anywhere within Australia at the transaction date other than the former home or new home.
* The Commissioner has a discretion to vary this requirement where there is good reason to do so.
The home being purchased must:
• be an established home (not vacant land) in Tasmania; and
• have a dutiable value less than that of the former home in Tasmania; and
• have a dutiable value of $400 000 or less.
When to apply
Complete the relevant application form only when you have purchased a new home AND sold your former home.
How to apply
If you are eligible for the duty concession, the duty refund will be paid to you (the purchaser) by direct credit to your nominated bank account.