Australia: Tax-related proposals in 2023-2024 budget (Western Australia)
Extension to the off-the-plan transfer duty concession
Extension to the off-the-plan transfer duty concession
The Western Australia budget for 2023-2024 was presented on 11 May 2023 and includes the following tax-related proposals.
Extension to the off-the-plan transfer duty concession
- The existing transfer duty off-the-plan transfer duty rebate, which was due to expire in October 2023, would be extended to 30 June 2025.
- The property value thresholds would be increased—with a 100% duty concession applying to off-the-plan purchases of up to $650,000,* tapering down to a 50% duty concession for purchases over $750,000 (capped at $50,000).
For more information, contact a KPMG tax professional in Australia:
Sarah Shaw | spshaw@kpmg.com.au
Adrian Ortisi | aortisi1@kpmg.com.au
*$ = Australian dollar
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