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11/8/2020
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Subdivider concession application REMINDER RevenueWA wishes to remind all landowners that applications for the subdivider concession close    31 August 2020. Early lodgment of the application form will ensure we can consider the concession when issuing assessments. Important The subdivider concession is a one-year concession from land tax. For the 2020–21 tax year, the concession applies to qualifying residential lots that were subdivided between 1 July 2019 and 30 June 2020. Owners of these lots can pay land tax (and metropolitan...

More Paper Forms for Buyers to complete post 1/1/19

19/12/2018
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Foreign Buyers DutyFor transactions executed on or after 1 January 2019, an additional 7% duty will be chargeable on the dutiable value of certain acquisitions of residential property by foreign buyers.Each person acquiring land in Western Australia must complete a foreign buyers declaration form HERE declaring whether they are a foreign person.The Online Duties system will be modified to allow self-assessment of most dutiable transactions that are chargeable with foreign buyers duty.Residential property For the purposes of the foreign buyers duty, residential property...

Foreign Buyers Duty Surcharge

10/10/2018
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CIRCULAR 17 DUTIES ACT 2008 Foreign Buyers Duty The Duties Amendment (Additional Duty for Foreign Persons) Bill 2018 (‘the Bill’) was second read into Parliament on 13 June 2018. The Bill operates to amend the Duties Act 2008 (‘Duties Act’) to impose additional duty on certain transactions involving foreign persons or entities acquiring residential property in Western Australia.These amendments are subject to the passing of the Bill by Parliament and the granting of Royal Assent. The changes are proposed to come into effect on 1 January...

GST Withholding Bill – new residential properties and subdivisions – expected 1 July 2018

2/9/2018
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The GST on property transactions measure has been introduced, as schedule 5 to the Treasury Laws Amendment (2018 Measures No. 1) Bill 2018.To recap:The Government will strengthen compliance with the Goods & Service Tax (GST) law by requiring purchasers of newly constructed residential properties or new subdivisions to remit the GST directly to the Australian Taxation Office (ATO) as part of settlement. The measure will require the purchaser of newly constructed residential properties of new subdivisions to remit the GST...

GST and Residential contract

8/6/2018
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Just a reminder that GST is now a query of every Residential contract dated on & post 1/7/18. Not just the obvious ‘new land or new builds’, since ‘New Residential Premises’ under the Taxation administration act, may still be quite aged properties!“The term ‘new residential premises’ is defined in s 40-75 of the GST Act:Residential premises are new residential premises if they:a. have not previously been sold as residential premises and have not previously been the subject of a long-term lease; orb. have...