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05 June 2024

Stamp duty update for first home buyers

Georgia Morris

Solicitor

The government has now promised a stamp duty exemption for eligible first home buyers purchasing an existing dwelling valued up to $750,000. This means that if you are a first home buyer, you could potentially pay $0 on stamp duty.

At the time of this post, the legislation setting out the stamp duty exemption has not come into effect. When this does occur, the exemption will supposedly apply retrospectively from 18 February 2024 until 30 June 2026.

If you purchased a property after 18 February 2024 as a first home buyer and paid stamp duty, you may be eligible for a refund.

If you are purchasing property in Tasmania for the first time or purchased property after 18 February 2024 and paid stamp duty, you should seek legal advice to determine whether you are eligible for the stamp duty exemption or a refund.

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