Revenue Laws Amendment Bill receives Assent

The Revenue Laws Amendment Bill 2014 (WA) (Bill) received Royal Assent on 2 July 2014 as Act No.15 of 2014.

The Bill amends the Duties Act 2008 (WA) to reduce the first home owner transfer duty concession.  The amendments provide for a full exemption from duty for home purchases up to $430,000 and phases out for home purchases up to $530,000, down from the former exemption threshold of $500,000 and phase out cap of $600,000.

In addition, the Bill provides for a 10% across the board increase to land tax rates imposed by the Land Tax Act 2002 (WA).  The new land tax scale will be reflected in the 2014 to 2015 assessment notices that the WA Commissioner of State Revenue will start to issue in late September this year.

The final measure included in the Bill is an amendment to the Pay-roll Tax Assessment Act 2002 (WA) to increase the payroll tax exemption threshold from $750,000 to $800,000 from 1 July 2014 and from $800,000 to $850,000 from 1 July 2016.