When purchasing a property, it’s vital you account for the often hefty cost of stamp duty.

Stamp duty is a form of tax that is charged by state and territory governments during the sale and transfer of property purchases. This rate changes between Australian states and territories, and is influenced by the cost and type of a property purchase.

To provide a guide on how much stamp duty you could be charged on your property purchase, we have created a handy Stamp Duty Calculator. This calculator is designed to highlight any stamp duty exemptions or grants you may be eligible for in Tasmania (when the TAS tab is selected along the top of the calculator).

After you’ve tried out our Stamp Duty Calculator, be sure to use our Property Buying Cost Calculator, Loan Comparison Calculator, and Borrowing Power Calculator to help manage your finances when planning a property purchase.

How is stamp duty calculated in Tasmania?

In Tasmania, stamp duty is charged on a sliding scale based on the greater of the property’s market value, or the consideration (that is, the agreed purchase price of the property).

Click the “rates and thresholds” button towards the bottom left of our calculator to see the current stamp duty rates and thresholds for Tasmania. The information within this pop-up menu includes:

  • stamp duty: general rate
  • stamp duty: First Home Owner Concession (none applicable)
  • mortgage registration fee, which is a set amount in Tasmania and therefore doesn’t change on our stamp duty calculator
  • land transfer fee, which is also a set amount in Tasmania
  • First Home Owner Grant.

Using our House Stamp Duty Calculator for Tasmania

 

stamp duty calculator

The following is a comprehensive breakdown of the information you’re required to enter into our calculator.

1. Enter your details

  • Value of property: In this field, type in the value of the property you’re planning to purchase.
  • Are you a first home buyer? If you select “yes”, you may be eligible for certain grants and concessions. These could include:
    • First Home Owner Grant: This one-off payment of up to $20,000 is available to eligible buyers who are purchasing a newly constructed home (this includes the relocation of a new, moveable building, as well as a contract for the purchase of a home, like an off-the-plan purchase). Transactions entered into after 1 July 2018 will receive $10,000.
    • First Home Builder Boost: This is an increased First Home Owner Grant payment for buyers of newly constructed homes, like spec homes and off-the-plan homes.
  • Property type: Select whether you’re purchasing your property as your primary residence or as an investment. To qualify for the First Home Owner Grant and the First Home Builder Boost, you are required to move into the property within 12 months of the date of settlement, as well as retain ownership of the property and live there for a continuous period of six months.
  • Are you purchasing? Click on either “established home”, “new home”, or “vacant land”. For vacant land purchase, stamp duty is levied on both the land value and building cost.

2. Government fees

The results in this field include:

  • Stamp duty of property: This is the cost of duty you would be required to pay for your property based on the information provided.
  • Mortgage registration: Tasmania charges $132.52 for mortgage registration.
  • Transfer fee: Tasmania charges $203.05 for its land transfer fee. This fee is the cost of transferring the land and titles into your ownership.

The total amount of these costs appears next to “total government fees”.

3. Government grant

These results reflect any government grants you may be entitled to. The total amount of these grants appears next to “total government grant”.

More information about your stamp duty

For further information on how stamp duty could affect you as well as information on any exemptions and concessions, please visit the State Revenue Office of Tasmania.

We make purchasing your home even easier

Our First Home Buyer’s guide helps ease the stress of purchasing a new home, as it simplifies often complicated topics, like the process of applying for a loan, as well as the different types of loans you can take out.

On top of this, our online comparison tool helps you compare a range of home loans from our panel of trusted lenders. This means you can avoid the confusion and wasted time of searching through multiple websites to find value in your home loan. Simply input the required information and compare home loans in just seconds.

The information in this article is accurate as of 2 January 2018.

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