A duty concession of 50% is now available to eligible buyers of newly built medium-density housing in Tasmania.

The new measure is intended to encourage the construction of new apartments and units.

The concession applies to certain apartments and off-the-plan or under-construction units, with a dutiable value of up to $750,000.

The 50% duty concession is available for agreements for sale entered into between 1 July 2024 and 30 June 2026 inclusive. The transfer must occur before 30 June 2031.

The duty concession is available to all Tasmanians who meet the eligibility criteria, not just first-home buyers. To be eligible, transferees must be natural persons, not a company or trust, and be over 18 years of age. At least one transferee must be an Australian citizen or a permanent resident at the date of the dutiable transaction. If a first home buyer grant has been made for the same transaction, the 50% duty concession is not available.

An eligible dwelling comprises a lot in a strata scheme or a dwelling conjoined with one or more other dwellings and must not have had an occupancy permit granted when the agreement for sale was executed.

For more details on eligibility criteria and how to apply, see the Property Transfer Duty page on the State Revenue Office of Tasmania website.

Eligible transferees who have already paid full transfer duty on an eligible property can apply for a 50% refund.

The By Lawyers Conveyancing (TAS) publication has been updated accordingly, including the Purchase of Real Property commentary and the Retainer Instructions – Purchase of Real Property precedent.