Latest News

Increase to the First Home Owner Grant (FHOG)

The Tasmanian Government has announced that as part of the 2016/17 State budget, the existing $10,000 FHOG will be increased to $20,000. The $20,000 payment is available for eligible transactiond entered into on or after 1 January 2016 but before 1 July 2017. From 1 July 2017 onwards the FHOG amount will revert to $10,000.

Land Titles Office and Land Information System Tasmania fees to increase at 1 July 2016

View the new LTO and LIST fees here - LTO   LIST 

New tax rule for property sales over $2 million

Australian residents buying or selling property with a market value of $2 million or more need to be aware of new rules which come into effect on 1 July 2016. Asutraluan residents who are selling a taxable Australian property with a market value of $2 million or more need to obtain a clearance certificate from the Australian Taxation Office, to confirm 10% withholding amount not need to be withheld from the transaction. These withholding requirements are to ensure that foreign residents pay capital gains tax on the sale of residential property. These arrangement do not apply to sales by Australian resident sellers, but Australian residents selling properties with a value greater than $2 million still need to obtain a clearance certificate from theAustralian Taxation Office that they must provide to the purchaser.

Multiple Purchases

If a person or associated persons buy more than one property in a series of transactions within a 12 month period, these purchases may be grouped together for the purpose of calculating the duty payable.  The addition of the purchase price leads to duty being calculated at a higher rate. Click here for further information.

Exemption from Duty on Transfer to Married Couples

A transfer of the principal residence from one party to a marriage or significant relationship to both parties to be held jointly or as tenants in common is exempt from duty. Click here for further information.

Stamp Duty

It was announced in the 2012-2013 Tasmania State Budget that the rates of duty would increase from 1 October 2012.

This date appplies to the date of the Transfer and not the date of the Contract. The increase is 4% to 4.5% depending on the amount of consideration.
For example duty payable on a consideration of $350,000.00 prior to 1 October 2012 is $11,550.00, after 1 October 2012 the amount of duty payable is $11,935.00.

Click here to view the SRO fact sheet.

Click here to calculate stamp duty payable.



 

Thanks for looking after us when we bought our very first home! I know the process would have been a lot more stressful without your help.

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