Duty is payable in Tasmania when you acquire real estate or an interest in real estate such as:
- your home
- holiday house/shack
- investment property
- vacant land
- commercial premises
- farming property
- a business which includes land or an interest in land
including acquisition by:
- declaration of trust
- adding a name to a title
- removing a name from a title
- change of beneficial ownership
Duty is charged on the greater of the:
- consideration paid for the dutiable transaction; or
- unencumbered value of the dutiable property (the amount for which the property might reasonably be sold on the open market).
If the transaction was not conducted on the open market or you are unable to provide satisfactory evidence that it was an open market transaction, duty is generally calculated on the capital value of the property at the date of the dutiable transaction (multiplied by the relevant land adjustment factor provided by the Office of the Valuer-General).
Land values and valuation adjustment factors are available from the Land Information System Tasmania (the LIST). There is a charge associated with these searches.
Valuation adjustment factors are available from the Office of the Valuer-General.
Use our calculator to work out how much duty you will need to pay.
Concessions and exemptions
There are a number of concessions and exemptions available in the Duties Act 2001 which may apply to specific transactions such as:
- first home buyers duty concession
- pensioner downsizing concession
- exemption for breakdown of relationship
- exemption for transfer between parties to marriage, caring partners and significant relationship
- deceased estates
- intergenerational rural transfer (family farm) exemption
- corporate reconstruction and consolidation transaction exemption