Medium Density Duty Concessions Pass House Of Assembly

Members,

Home ownership is one step closer for thousands of Tasmanians with the passage of the stamp duty concessions through the House of Assembly.

Legislation to enact the 50 per cent stamp duty concession for buyers of a new apartment or unit off-plan or under construction valued up to $750,000, has progressed through Parliament.

The concessions follow the recent passing of the Government’s Stamping Out Stamp Duty policy, giving more Tasmanians the chance to own their own home.

Acting Minister for Finance, Michael Ferguson, said the stamp duty concessions are helping Tasmanians into home ownership.

“Our 2030 Strong Plan for Tasmania’s Future is about taking action of the things that matter to Tasmanians, like housing,” Minister Ferguson.

“This Bill targets all Tasmanians, not just first home buyers, and offers savings of up to $14,468.

“Purchasing off-plan also provides important certainty for builders and developers, minimises developers’ risks for large-scale projects, and mitigates against unexpected cost increases for purchasers.”

This bill forms part of our 100-day plan and is a key element of the Tasmanian Government’s policy to grow the State’s housing supply.

“Investor certainty, and project completion and delivery time is improved by purchasers committing to a development earlier, and doing so encourages a greater number of developments,” Minister Ferguson said.

“Our Government has always backed in our civil and construction sectors, leading to the creation of thousands of jobs, stimulating our economy, and building more homes for Tasmanians.”

Subject to passage of the bill in the Legislative Council following the Parliamentary winter recess, eligible claims will be honoured from 1 July 2024.

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