As part of the 2023-2024 Tasmanian State Budget, the Government has extended the time period for various concessions and grants available to home buyers and existing homeowners.
The following concessions and grants have been extended to 30 June 2024:
- The First Home Owner Grant amount of $30,000 (subject to the passing of the Taxation and Miscellaneous Amendments Bill 2023 which is currently before Parliament).
- The Land Tax exemption for newly constructed dwellings available for long term rental.
- The Land Tax exemption for short stay accommodation properties converted to long term rental properties.
- The Property Transfer Duty concession for first home buyers of established properties with a dutiable value of $600,000.00 or less.
- The Property Transfer Duty concession for eligible pensioners who downsize their existing home to a home with a dutiable value of $600,000.00 or less.
These measures are aimed at incentivising the construction and purchase of new homes, therefore increasing the housing supply and providing ongoing work to the building and construction industry. The continued availability of these concessions and grants should assist in strengthening confidence in the Tasmanian housing market, particularly for developers who are delivering new homes into the market.
If you would like to know more about the eligibility requirements for the various concessions or grants available, please contact:
David Shelley
Managing Principal
M: 0427 183 217
E: dshelley@pageseager.com.au
Daniel Morgan
Principal
M: 0438 436 968
E: dmorgan@pageseager.com.au
Mark Crosswell
Senior Associate
M: 0418 791 879
E: mcrosswell@pageseager.com.au
Published: 27 June 2023
