Duty concession for first home buyers of established homes
Announced 16 March 2021
Change to duty concession for first home buyers of established homes
The dutiable value of a property that may be eligible for the 50 per cent discount on property transfer duty has increased from $400 000 to $500 000. All existing eligibility criteria must be met.
The increase takes immediate effect but is subject to the passage of legislation.
Claiming the refund
A. Properties of dutiable value up to $400 000: Process in TRO as normal of use this form.
B. Properties of dutiable value between $400 000 and $500 000: Use this form. Full duty must be paid. A refund would not be available until the passage of legislation.
About the Duty Concession
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.
For this exemption all of the purchasers/transferees:
- must purchase an established home in Tasmania between 7 February 2018 and 30 June 2022 (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: