Stamp duty in Tasmania
If you're buying a property in Tasmania, you'll need to pay stamp duty. It's a big expense, but you may be eligible for a discount or concession.
Key takeaways
- Stamp duty, or property transfer duty as it's known in Tasmania, is a state government tax you pay when you acquire interest in property.
- Transfer duty can cost you tens of thousands of dollars, so it's important to get an estimate total before you're left with a shock bill.
- Eligible first home buyers and pensioners in Tasmania can get exemptions and discounts.
How much is stamp duty in Tasmania?
Property transfer duty in Tasmania is calculated based on either the price you have paid for the property, including GST, or the reasonable market price of the property, whichever is higher. Usually, if you purchase the property on the open market, the price you agree to pay is what is used to calculate your stamp duty.
Property transfer duty is calculated on a sliding scale ranging from 1.75% up to 4.5%, rather than a set percentage, as described in the table below:
| Property value | Conveyance duty payable |
|---|---|
| Up to $3,000 | $50 |
| Between $3,000 and $25,000 | $50, plus $1.75 for every $100 over $3,000 |
| Between $25,000 and $75,000 | $435, plus $2.25 for every $100 over $25,000 |
| Between $75,000 and $200,000 | $1,560, plus $3.50 for every $100 over $75,000 |
| Between $200,000 and $375,000 | $5,935, plus $4.00 for every $100 over $200,000 |
| Between $375,000 and $725,000 | $12,935, plus $4.25 for every $100 over $375,000 |
| More than $725,000 | $27,810, plus $4.50 for every $100 over $725,000 |
Finder survey: What do Australians of different ages think is the biggest hurdle to getting a home loan?
| Response | 75+ yrs | 65-74 yrs | 55-64 yrs | 45-54 yrs | 35-44 yrs | 25-34 yrs | 18-24 yrs |
|---|---|---|---|---|---|---|---|
| Getting approved for a loan with a good interest rate | 27.91% | 24.22% | 24.56% | 22.71% | 26.77% | 23.3% | 32.86% |
| The deposit | 27.91% | 39.13% | 44.44% | 46.86% | 44.09% | 40.78% | 25.71% |
| Getting a loan without typical employment | 18.6% | 11.18% | 8.19% | 8.7% | 4.72% | 12.14% | 12.86% |
| Nothing - I do not think there are hurdles | 16.28% | 13.66% | 5.26% | 5.8% | 3.94% | 1.94% | 2.86% |
| Finding the right property | 6.98% | 6.83% | 12.87% | 12.56% | 17.72% | 17.48% | 20% |
| Previous debts | 2.33% | 3.73% | 4.09% | 2.42% | 1.97% | 4.37% | 5.71% |
| Other | 1.24% | 0.58% | 0.97% | 0.79% |
Source: Finder survey by Pure Profile of 1112 Australians, December 2023
Stamp duty calculator
You can use Finder's stamp duty calculator to estimate your transfer duty costs. Just set the state to TAS before entering your details. Note that this is just an estimate and may not reflect your actual costs.
Stamp duty concessions for first home buyers
First home buyers are eligible for a 100% exemption on property transfer duty when they buy an established home valued at $750,000 or less. This means buyers of brand new homes or even substantially renovated homes would not be eligible.
To qualify, the buyer must occupy the home as their principal place of residence for a continuous period of six months, beginning within 12 months of the transfer. When purchasing as a couple, both parties need to be first-time buyers in order to receive the concession.
Other stamp duty concessions
Pensioners can also receive a 50% concession when they downsize to a new home.
To be eligible for this concessions, buyers must:
- Be aged 60 years or over with an eligible concession, pension or health card.
- Be buying property valued at $600,000 or less.
- Have occupied the former home as their principal place of residence for at least 6 months immediately before they buy the new property.
- Not own any other property within Australia at the time of the transaction aside from the former home.
- Never have received this concession previously.
- Intend to live in the home for at least 6 months starting within 12 months of the transaction.
Our expert says: Understand all your options
"If you're buying property in Tasmania and are worried about the additional cost of stamp duty, but don't fall into one of the first home buyer or pensioner categories, you may still be eligible for some relief.
There's other support available for people who are going through a breakdown of a relationship, transferring rural land between relatives or buying an off-the-plan apartment or unit. It's important to do your research to know what costs you'll need to fork out. If you're ever confused or unsure it's a good idea to speak to a professional, like a conveyancer, solicitor or mortgage broker."
When is stamp duty payable?
Property transfer duty is payable within three months of your property purchase, and needs to be paid to the State Revenue Office (SRO). Many buyers pay their transfer duty at settlement.
You (or more likely your conveyancer) will need to lodge the required documents, such as the agreement for sale and transfer instrument, with the SRO either in person, by mail or online. You can pay when you lodge, using the SRO's Property Transfer Duty Calculator to estimate how much you owe, or wait for the SRO to send you an assessment.
The documents you lodge need to include a duty lodgement cover sheet, which is available to download from the SRO website.
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