Investing in our older Tasmanians
- 10 Feb, 2018
Sarah Courtney, Parliamentary Secretary to the Premier
A re-elected Hodgman majority Liberal Government will slash stamp duty by 50% for eligible seniors looking to sell their existing home and downsize to a new home or unit at a lower cost.
Taking action to address the cost of living is a priority of the Tasmanian Liberal Government, and that is why, after listening to stakeholders who have strongly advocated for measurers such as this, we have committed to taking decisive action.
In many cases, older Tasmanian's are living in large homes with under-utilised space that are expensive to heat and maintain, and not conducive to ageing. By removing the disincentives to downsizing, the number of larger homes available to families will increase. This in turn will stimulate the home sales market, renovating, home building and construction sector.
Under our plan, eligible seniors will receive the 50 per cent stamp duty discount for homes purchased up to $400,000.
The stamp duty on a $400,000 property is currently $13,997.50. This rebate equates to a saving of up to almost $7000.
The rebate will not only provide seniors with more appropriate and affordable housing, but it means they can save more from the sale of their home and enjoy it in their retirement.
The Tasmanian Liberal Government acknowledges the major contribution older Tasmanians make to the state and is committed to initiatives that empower them to age well. That is why our plan will also provide $585,000 over three years to COTA in partnership with the Tasmanian Government to implement initiatives under Tasmania’s new Active Ageing Plan 2017-2022.
The Hodgman Liberal Government recognises the vital contribution older people make to the social and economic well-being of the community and will increase core operational funding to the Council of the Ageing (COTA) to $110,000 per annum from 2018-19, with indexation of 2.25 per cent per annum applied from 2019-20.
This is a funding boost of almost $20,000 per annum for COTA, the first change to core operational funding since 2010 and the first time indexation has been applied to DPAC-funded peak bodies.
With Tasmania home to the oldest median age of all States and territories, and an expectation that by 2020 one in five people will be aged 65 years or older, we will also implement a range of other initiatives for seniors.
- Providing $450,000 over three years to continue to implement the whole of government Elder Abuse Strategy aimed at prevention of elder abuse and raising awareness of the issue;
- Providing $106,000 over the next four years to COTA to fund Seniors Week; and
- Offering a Free Parks Pass for Tasmanian Seniors, giving those over 60 unlimited, free access to our National Parks.
A re-elected Hodgman majority Liberal Government recognises the key role it plays in supporting Tasmanians as they age, and we want a State that is the best place to live, work, invest and be part of a family, as we grow older.