Tasmanian downsizing stamp duty incentive extended

Pensioners have been given an additional four months to claim stamp duty discounts worth up to $7,000, if they downsize in Tasmania.

The Tasmanian Government’s $1.9 million downsizing incentive was due to finish on 9 February. But the previous month the government announced it was extending the incentive until 30 June 2019.

Chief Advocate Ian Henschke said National Seniors welcomed the extension but called on the Tasmanian Government to make it a permanent scheme.

“We are disappointed that the scheme was not made permanent in the first place,” Mr Henschke said. Three other states and territories have permanent and much more generous schemes.

“The government should release information about the scheme’s take-up, as well as any financial impact, so that seniors can provide feedback and have input into the future of the concession.”

“The incentive was introduced last year to support seniors to move into more suitable accommodation, and by doing this free-up the supply of larger family homes in the real estate market.

As of 31 December, 149 pensioners had received a stamp duty concession, the average cut being $4,673.

Treasurer Peter Gutwein said on a pro-rata basis, the take-up rate of the concession had been down on the original Budget estimate, which enabled the government to extend it to 30 June.

He said no decision had been made on whether the scheme would be extended past 30 June 2019.

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