Categories for Reform

Impact on property sales of $750,000 or more

23/6/2017
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On 1 July 2017, the proposed changes to the Foreign Resident Capital Gains Withholding (FRCGW) rate and threshold will take effect.These changes will apply to contracts entered into on, or after 1 July 2017 for real property disposals where the contract price is $750,000 and above.  The FRCGW tax rate will also change from the existing rate of 10% to 12.5%.  The existing $2 million threshold and 10% rate will still apply for any contracts entered into before 1 July 2017...

Foreign Investment change

9/6/2017
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New Charge for Foreign Owners for Empty Properties Foreign persons who apply for approval to purchase residential property after 9 May 2017 will face a new annual vacancy charge to be imposed if the property is not occupied for at least six months per year.The charge will be levied annually and will be equivalent to the purchase application fee imposed at the time the property was acquired by the foreign investor.Details of the new charge can be viewed HERE FIRB approval for sale of...

Developers take heed. Update to changes to the Sale of Land Act- means some extra protection for buyers, where property is not yet owned by the developer.

4/5/2017
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Update to e-Bulletin Issue #66On 3 April 2017, the Sale of Land Amendment Act 2016 (the Act) came into effect in Western Australia.  The legislation introduces greater protections for consumers when signing sales contracts for land that is not yet owned by the developer.  Landgate have now clarified and updated information that was previously communicated which also includes variation to the Approved form of the statutory warning that must be used.  This e-Bulletin replaces issue 66 Changes to the Sale of Land Act – what...

ATO property reporting to be introduced in 2017

1/1/2017
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From July 1 2017, new Commonwealth Government reporting requirements will be introduced that will affect all real estate property transfers in Western Australia.The reporting requirements are being introduced following agreement by Commonwealth, State and Territory Treasurers to establish a National Register of Foreign Ownership of Land Titles. This Register will be administered nationally by the ATO. In WA, Landgate will collect and report the required information to the ATO.For each transaction of freehold (and some leasehold interests) In real property...