Pensioners downsizing to a new home duty concession

​​​​​​​​​​​​​​​​​This concession provides a 50 per cent reduction of property transfer duty for eligible pensioners who sell their former home in Tasmania and and downsize by buying another home in Tasmania. 

The dutiable value of the new home must be less than that of the former home. The new home must have a dutiable value of:

  • $400 000 or less up until 15 March 2021;​ or 
  • $500 000 or less for homes purchased from 16 March 2021.

The concession is available where: 

  • the transfer associated with the sale of the former home completes between 10 February 2018 and 30 June 2022 (inclusive); and 
  • the transfer associated with the purchase of the new home completes within six months (either before or after) the transfer (selling date) of the former home. 

​Eligibility
To be eligible for this duty concession, 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; and
  • must have occupied the former home as their principal place of residence for at least six months immediately before the eligible transaction.*
  • intends to live in the new home for at least six months, commencing within twelve months of the eligible transaction.*
  • must ensure the ownership of the home is in the same name/s the former home.*
  • t​he eligible pensioner (or spouse) must not own a home anywhere within Australia at the time of the eligible transaction (other than the former home).
  • the eligible pensioner (or spouse) must not have previously received this duty concession.

* The Commissioner has a discretion to vary this requirement in some circumstances.​

How to apply

​​The documentation and evidence required to be submitted when lodging a transaction for assessment are:​​​​​

​​​

To submit by mail, you will need:



To submit via Tasmanian Revenue Online, you will need:

  
​ ​​ ​​​

How to apply for a refund

To apply for a refund where full duty has been paid:

  • written request for transaction to be reassessed.
  • a copy of the original signed and dated transfer instrument.
  • a copy of the agreements for sale for the former home and new home.
  • a completed Pensioners downsizing to a new home duty concession application.
  • a copy of both sides of the Pensioner Concession Card/ DVA special rate pension card/Commonwealth Seniors Health Card​.


Additional information

For additional information, refer to:




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