Categories for State Budget Changes

Federal Budget 2018

5/10/2018
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For the most part there are very few changes in the 2018 Federal Budget targeting the property industry. Some interesting points of note include: Property owners who leave vacant land undeveloped, otherwise known as “land banking”,  will no longer benefit from tax incentives Home buyers, particularly first home buyers looking to create a deposit for purchasing a home will be able to store their savings in their superfund tax free. Australians over the retirement age can now access the equity in...

WA 18-19 budget impact on property market.

11/5/2018
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Thanks to the R.E.I.W.A. in depth analysis… ‘Business as usual’ budget fails to reinvigorate property market. REIWA welcomes the WA Government’s decision not to increase property taxes, but is disappointed in the distinct lack of leadership on display in the 2018-19 State Budget, with no new initiatives included to address housing affordability or reinvigorate the property sector.  REIWA President Hayden Groves said while it was pleasing there were no increases to property taxes, this year’s budget was a mundane budget...

Oh look here, a white rabbit!

20/12/2017
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Like a scene from a piece of famous literature, Landgate will be scoped, to see what the current government can scrape together to prop up their budget. Media statement here. Other States media articles include; http://theconversation.com/what-are-the-implications-of-privatising-land-title-offices-60099 https://www.macrobusiness.com.au/2017/04/nsw-land-registry-everything-thats-wrong-privatisation/ https://www.theguardian.com/politics/2016/mar/24/land-registry-faces-privatisation https://www.governmentnews.com.au/2017/03/26702/ Additional source; (20th December AICWA e-Bulletin)Landgate for Sale? Government scoping study to investigate Landgate options“The McGowan Government will start formally investigating the viability of commercialising some or all of the operations of Western Australia’s land information authority, Landgate.”As a result of the announcement...

Foreign resident capital gains withholding payments

29/2/2016
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Background: The former government announced on 14 May 2013 that it would introduce a 10% non-final withholding tax on payments made to foreign residents that dispose of certain taxable Australian property. The Bill for this measure, introduced by the current Government has been passed and received Royal Assent on 25 February 2016. The new withholding regime will apply to contracts entered into on or after 1 July 2016. Broadly, where a foreign resident disposes of certain taxable Australian property, the purchaser will...

State budget changes impacting WA property

18/7/2015
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2015/16 Western Australian State Budget The Western Australian State Budget was handed down on 14 May 2015. The Budget Papers are available here. Details of the new revenue measures are provided below. Amendments to the Land Tax Scale From 2015-16, the land tax scale will be revised to: apply a flat dollar amount of $300 to taxable land with an unimproved value above the exemption threshold of $300,000 and up to $420,000; increase land tax rates (except the top rate, which...

First Home Owner Grant (FHOG) for FIFO’s

12/4/2015
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Just in case you missed it, the $3000 First Home Owner Grant was removed for eligible contracts dated from and including 3 October 2015. Here’s the run down… The good news is this only affects existing residential properties. However where eligible you should still be able to attain the ‘First Home Owner Transfer Duty Concession‘ namely Nil duty for approved First Home Owners in the price $430k and under, then scaled up to normal levels up to $530k. The ‘New Homes‘ Grant of...