Updated 1 September 2020
Read this article if you want to learn how to calculate stamp duty in Tasmania.
To calculate the duty payable, you can use the online stamp duty calculator.
Important points to note about TAS Stamp Duty
- First Home Buyers of established homes between 7 February 2018 and 30 June 2022 get a 50% discount.
- One of the few State’s that doesn’t ramp up the Transfer Registration fee, so it’s quite low, and probably $1,000-$2,000 lower than the average of other States.
This article is intended as a useful short-cut resource that you can come back to when you’re searching for anything to do with Tasmanian Transfer (stamp) duty, we’ll keep it updated and link off to the official government sites and resources too.
Standard Rate of TAS Stamp Duty (Transfer Duty)
Stamp Duty really is just a tax we pay for nothing much in return.
If you’re purchasing as an investor in Tasmania, you’ll always pay the full amount of duty.
How to calculate the TAS stamp duty:
|Your Purchase Price||Standard Rate of TAS Stamp Duty|
|$0 – $3,000||$50|
|$3,001 – $25 000||$50 plus $1.75 for every $100 or part,|
that exceeds $3,000
|$25,001 – $75,000||$435 plus $2.25 for every $100 or part,|
that exceeds $25,000
|$75,001 – $200,000||$1,560 plus $3.50 for every $100 or part,|
that exceeds $75,000
|$200,001 – $375,000||$5,935 plus $4 for every $100 or part,|
that exceeds $200,000
|$375,001 – $725,000||$12,935 plus $4.25 for every $100 or part,|
that exceeds $375,000
|Over $725,000||$27,810 plus $4.50 for every $100 or part,|
that exceeds $725,000
From 1 July 2018, Foreign Buyers of residential property will pay an additional 3% of the purchase price in duty.
To calculate your stamp duty use this online stamp duty calculator.
TAS Stamp Duty Discounts
There’s various TAS stamp duty exemptions or concessions, we’ll cover all of the most common so that you can see whether or not you may be eligible for a discount or waiver.
Concessions for First Home Buyers of Established Property
Home Buyers in Tasmania, may receive a 50% stamp duty discount, provide the transaction meets the following criteria:
- The settlement of the transaction must be completed between 7 Feb 2018 – 30 Jun 2022.
- Maximum purchase price of $400,000.
- You must occupy the property for at least 6 months within 12 months of settlement.
- You must never have received the First Home Owners Grant or a Duty Concession previously.
If you can’t satisfy these, plus a few other conditions you can find here, you’ll have to pay the full rate of TAS stamp duty.
First Home Buyers of Brand New Properties
As a First Home Buyer of Brand New property in Tasmania, you receive no stamp duty concessions.
However, the good news for First Home Buyers is that you do receive some additional benefits via the First Home Owners Grant (FHOG) scheme.
If you’d like to read more information on the FHOG in Tasmania, click here.
Other Exemptions or Concessions
There’s not a lot of cases in Tasmania that rule you eligible for an exemption or concession of the stamp duty. Two examples are:
- Personal Relationship exemptions
- Must be principal place of residence
When is Stamp (Transfer) Duty Payable?
TAS stamp duty is payable within 3 months of the transaction agreement (contract date).
When you’re purchasing a property, your solicitor will arrange for stamp duty payment and collect the funds from you prior to settlement.
Other Government Fees:
There are many possible fees that you could encounter, depending on the nature of your transaction, however in this article we’ll address only the 3 you’re most likely to encounter during a property transaction.
- Transfer Registration
- Mortgage Registration
- Mortgage Discharge Registration
In the Tasmanian State Budget each year, the Treasurer will announce changes to the fees.
Transfer Registration (when a ‘transfer of ownership’ is occurring)
When you purchase a property, there is a legal document that transfers the ownership of that property in to your name.
And the transfer of ownership has to be registered, and the State Government charges a fee for managing the register.
- From 1 July 2019 the cost of a Land Transfer Registration in Tasmania is $212.22
Mortgage Registration (when you are borrowing money)
The mortgage gives the bank the right to sell your property if you don’t pay them back.
- From at 1 July 2019 the Mortgage Registration fee in Tasmania is $138.51
The mortgage registration ensures that the mortgage can be viewed by a simple title search.
This therefore prevents you from selling your home and not paying back the lender – because the transfer of ownership wouldn’t be able to happen unless the previous mortgage was discharged.
Mortgage Discharge Registration (when you are refinancing or selling)
This is payable when your existing mortgage is being discharged (released).
- Mortgage Discharge Registration Fee from 1 July 2018 is $171.72
This is usually payable when you’re refinancing or selling.
However, if you’re purchasing a property, your new lender may prepare a Mortgage Discharge and charge you this fee. Your solicitor arranging the settlement, will pass on that fee to the seller so that you’re not out of pocket.
Stamp Duty Overview for Property Buyers in Tasmania
Land Titles fees (for Transfer Registration and Mortgage Registration)
Not purchasing in Tasmania?
Click on the below link, and choose your State: