The treasurer of Tasmania, Michael Ferguson, has delivered the 2024-25 budget for Tasmania
in the House of Assembly on 12 September 2024. The 2024-25 budget focuses on driving the delivery of the 2030 strong plan for Tasmania’s future. The newly announced budget has duty exemptions for first time home buyers among other tax proposals.
Since the 2023-24 Budget, the Tasmanian Government has provided significant assistance to support Tasmanians facing cost of living pressures. This budget helps Tasmanians tackle cost of living pressures more than any budget before:
- A AUD 250 cash credit off the power bills of more than 254,000 Tasmanian households and an AUD 300 credit for small businesses;
- A AUD 1.8 million Small Business Energy Audit Programme for small businesses aimed at reducing operating costs;
- The stamp duty exemption for two years for Tasmanians buying their first home up to a value of AUD 750, 000 and enhanced the MyHome Shared Equity scheme to help more Tasmanians on lower incomes to purchase or build a home with a 2% deposit. The exemption is applicable from 18 February 2024. to 30 June 2026;
- Starting from 1 July 2024, the land tax threshold will rise from AUD 99,999 to AUD 124,999;
- Land tax exemptions for newly constructed rental properties and former short-stay accommodations available for long-term rental will be extended by two years until 20 June 2026.
