The new Bill to amend the Duties Act 2008 (WA) introduced into WA Parliament has now passed and is awaiting assent.
This means property buyers in WA will benefit from lower rates of duty. The changes will take effect on 1 July 2022 and will impact transactions or acquisitions occurring on or after that date.
The key changes introduced by the Duties Amendment Bill 2022 include:
- an amended general rate of duty for non-residential property (including commercial property, vacant land and other business assets) to align it with the rate of duty for residential property;
- changes to the transfer duty concession for residential land and business property valued below $200,000 to ensure the provision of lower rates of duty;
- the removal of duty on transactions for prospecting licences unless the transaction also involves other dutiable property;
- exemptions from transfer duty for eligible transfers of property made under family law court orders following a marriage or de facto relationship breakdown; and
- the removal of duty on service demonstrator vehicles, cancelled vehicle purchases and vehicles returned for a full refund or replacement.
For more details on the changes, read our previous article Duty relief is in sight for WA property purchasers.