Tasmanian pensioners will now be able to save more than $11,000 on stamp duty costs when they purchase a home worth up to $600,000, following the approval of State legislation.
The Tasmanian Parliament has approved a bill which increases the price threshold for the State’s pensioner duty concession scheme from $500,000 to $600,000.
This means that an eligible pensioner will save around $11,250 on property duty when buying a $600,000 home.
The stamp duty discount is available for pensioners who sell their family home in Tasmania and downsize into another existing home in the State with a lesser value, and then live in the new home for the next six months.
The discount can be used for any transactions from 1 January 2022, and has been extended out to 30 June 2023.
The threshold increase was announced in early March as part of a $1.5 billion Tasmanian Government housing assistance package, before legislation passed through the State's Parliament in late March.
Find out more:
- Tasmanian pensioner stamp duty concession official page
- How to slash thousands from your stamp duty bill when downsizing
Learn about the different downsizing options on offer, and insider tips on making the move, in our just-released Ultimate Guide to Downsizing 2022.
