Australia: Temporary extension of two-year land tax exemptions for home construction, refurbishment (Western Australia)
The temporary extension is available to homeowners who signed their building contract between 1 July 2020 and 30 June 2023.
Temporary extension of two-year land tax exemptions for home construction, refurbishment
The government of Western Australia announced a temporary extension to the two-year land tax exemptions provided to people constructing or refurbishing their home.
According to the government, the temporary extension is available to homeowners who signed their building contract between 1 July 2020 and 30 June 2023.
Eligible homeowners who are not receiving an exemption for another residence may now receive an exemption for:
- The first three assessment years that their residence is being constructed
- An additional fourth year in very limited circumstances, such as builder liquidation
Eligible homeowners who are receiving an exemption for a second residence:
- Will no longer be required to repay two years of land tax if they are unable to meet the two‑year construction timeframe
- May receive an exemption for an additional third year in exceptional circumstances outside their control, including situations where delays were caused by demonstrated material or labour shortages
Homeowners who are eligible for the temporary exemption and have already paid land tax will be eligible for a refund.
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.