Stamp duty, or transfer duty, is a one-time state tax imposed on buyers when they buy a property. The rules around the duty vary across Australia as it is in the hands of state governments. If you are buying a property in TAS, you have to factor in the stamp duty. This is a type of tax that is set and charged by the state government when you purchase a property or vehicle. It varies from state to state and is generally influenced by the type of property being purchased and its cost.
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Stamp Duty in Tasmania (TAS)
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About Stamp Duty Rates In Tasmania
How much is stamp duty in Tasmania? Stamp duty in Tasmania works on a sliding scale. This includes stamp duty on vacant land as well. The amount of stamp duty you owe will hinge on the value of the property you purchase.
|
Value of Property |
Stamp Duty Owed |
|
Up to $3,000 |
$50 |
|
Over $3,000 but under $25,000 |
$50 plus 1.75% for every dollar over the minimum value |
|
Over $25,000 but under $75,000 |
$435 plus 2.25% for every dollar over the minimum value |
|
Over $75,000 but under $200,000 |
$1,560 plus 3.50% for every dollar over the minimum value |
|
Over $200k but under $375,000 |
$5,935 plus 4% for every dollar over the minimum value |
|
Over $375k but under $725,000 |
$12,935, plus 4.25% for every dollar over the minimum value |
|
More than $725,000 |
$27,810 plus 4.5% for every dollar over $725,000 |
Stamp Duty On Cars In Tasmania
As exciting as buying a new car is, it comes with additional costs over and above the selling price. When you purchase a new or used vehicle, it comes with a stamp duty payable, just the same as property transfer duty. This duty is the government's cost of transferring the registration. And in Tasmania, the stamp duty is calculated based on a vehicle's market value.
|
Vehicle Market Value |
Stamp Duty |
|
Under $600 |
A flat rate of $20 |
|
Over $600, but under $34,999 |
$3 per $100 |
|
Over $34,999 but under $39,001 |
$1,050, plus $11 per $100 over $35,000 |
|
$40,000 or over |
$4 per $100 |
The above is based on passenger vehicles. For heavy vehicles, it is a flat rate of $20 up to a value of $2,000.For any vehicle valued at over $2,000 the duty payable is $1 per $100. This works out as 1% so a vehicle valued at $80,000 would need to pay a duty of $800.
Stamp Duty On Properties
If you were hoping for a stamp duty exemption in TAS, there is bad news. There isn't one for first-time buyers. However, if you are a first-time home buyer, you can apply for a home owner grant of up to $20,000. You may also be eligible for an additional boost if you are a first-time buyer who is building a new home. Additionally, first-time buyers purchasing an established home can receive a 50% discount on the transfer fee.
Pensioners who are downsizing can also receive a 50% concession on the transfer fee, provided they are selling and buying in Tasmania.
When To Pay
In Tasmania, you have three months from the date of property transfer to settle your stamp duty bill. You should budget your stamp duty with the rest of your purchase expenses, including your deposit, inspection fees, moving costs, and mortgage payment. Remember to factor in your mortgage registration fee and your land transfer fee, which will total $368.05. Be sure you use the relevant stamp duty calculator to calculate your stamp duty rates in Tasmania. You can pay stamp duty in Tasmania by credit card, BPAY, electronic funds transfer, or cheque. With QuickBooks Tax Software, you can get your financial year off to a flyer. There is no better way to manage your cash flow, track your expenses, and manage your reports than with software you can integrate with all your existing apps.
While every care has been taken to ensure the accuracy of the information presented as at 12 April 2024, Intuit is not providing you with professional advice and we recommend you obtain your own professional advice. Intuit is not liable for your use of the information presented.
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