Strategic State Tax Reforms Submission
The Property Council of Australia has presented the State Government with two strategic state tax reforms that are necessary for a proper functioning property market in WA and also to support the state’s growth plans for metropolitan Perth.
The Property Council of Australia is calling on the State Government to:
- Only apply stamp duty to the land value component in off-the-plan dwelling purchases prior to construction
- Introduce a grant of $8500 for persons over 60 years of age selling their existing residence and purchasing a newly built principle place of residence up to $550,000
The Property Council is the most broad-based industry group representing the WA property development and investment sectors. Our members are businesses that are actively planning and undertaking major projects affected by restrictive taxation policies on off-the plan property sales and seniors’ housing.
The Property Council is also an active participant in the national tax reform process seeking a better taxation mix that removes economic hand-brakes on growth. Our national objectives include the replacement of stamp duty with a more economically efficient tax, including GST reform. In the interim we present you with these strategic reforms to deal with immediate public policy concerns.