What is TAS stamp duty?
Stamp duty in TAS is a state government tax applied to the sale or transfer of many personal and business-related assets, most commonly real estate. When buying or otherwise taking possession of homes or land, it’s referred to as Tasmania land transfer duty.
How much is stamp duty in TAS?
Each state in Australia applies stamp duty differently, with individual rates, purchase thresholds, and exemptions that eligible buyers will need to understand how to calculate payable duty or apply for concessions when purchasing a home.
The stamp duty you will pay may vary, depending on:
- The state or territory the property is located in
- The cost of the purchase
- The type of property you purchase
- Your residency status
- Your income and partner’s income
- Your eligibility as a first-home buyer
- Your eligibility for pensioner concessions
You can use the TAS stamp duty calculator to estimate how much duty may be payable.
Generally, first-home buyers and properties under $500,000 in value will attract the lowest amount of stamp duty across all states of Australia.
Who pays stamp duty in TAS?
The person or business purchasing the property or receiving the transfer of assets will be liable to pay stamp duty in TAS. As this can often be a significant additional cost on the purchase price of property, it’s important to estimate the transfer tax on properties so you can clearly understand your financial obligations.
How do you pay TAS stamp duty?
Stamp duty can be paid by direct deposit, cheque, credit card, and other major payment options. In most cases, you will receive a notice from your state government office, delivered to the address of the purchased property or by e-mail. This letter will often contain:
- The amount of stamp duty payable
- Details on the tax and how it was calculated
- Concessions or exemptions included in the calculation
- Payment options
- Payment due date
- Information regarding late payments and associated penalties or charges
- Reference details for the notice and payment
Payment due dates can be anywhere between the day of settlement and up to three months following the purchase of property.
Stamp Duty Calculator TAS
Tasmania (TAS) Stamp Duty
|Purchase price of property||Stamp Duty payable|
|Up to $3,000||$50|
|$3,001 - $25,000||$50 plus 1.75% per dollar over $3,000|
|$25,001 - $75,000||$435 plus 2.25% per dollar over $25,000|
|$75,001 - $200,000||$1,560 plus 3.5% per dollar over $75,000|
|$200,001 - $375,000||$5,935 plus 4% per dollar over $200,000|
|$375,001 - $725,000||$12,935 plus 4.25% per dollar over $375,000|
|More than $725,000||$27,810 plus 4.5% per dollar over $725,000|
Payment Due Date
TAS stamp duty needs to be paid within 3 months from the date property is transferred, which generally occurs on settlement day.
There are a number of concessions on stamp duty available in Tasmania:
- First-Home Buyer Concession — Provides a 50% concession for first-home buyers on property valued below $400,000
- Pensioner Downsize Concession — Provides a 50% concession for pensioners who sell their existing property and purchase a new home valued below $400,000
- Personal Relationship Concession — There are potential concessions available when transferring property between two individuals who are either married or in a significant relationship.
Both the First-Home Buyer and Pensioner Downsize Concessions will be reassessed on 30 June, 2020.
You can visit the State Revenue Office of Tasmania site to learn more about thresholds, exemptions, and how to contact your state office
Other Money.com.au Calculators
Calculated your Stamp Duty and want to work out other finance calculations? You can visit our dedicated page to view the full list of financial calculators, which you can use to estimate your tax refund, car loan repayments, calculate capital gains tax (CGT), and much more.