The Property Council welcomed the State Government’s announcement of a $518 million property tax relief package today.
Executive Director of the Property Council, Mr Joe Lenzo, said the relief was the second step in the right direction by the WA Government in the last 6 months.
“Today’s stamp duty cut builds on this year's $47 million across the board stamp duty cut,” he said.
“The relief package further progresses the Property Council towards its goal of securing the abolition of stamp duty on commercial property transactions using GST revenues.”
The Property Council said the package would attract investment to WA.
“This cut in property taxes is worth over $125 million a year to WA property owners,” said Mr Lenzo.
“WA is no longer the State with the highest rate of stamp duty and now has a lower rate than NSW and Victoria.”
“This will attract investment to WA and help to stimulate economic growth in an industry projected by some to slow down.”
“The benefits will flow not only big business but all Western Australians with an interest in property from first home buyers, and mum and dad investors, through to retirees with superannuation and property trust investments,” noted Mr Lenzo.
Mr Lenzo said that this was another step towards the phased abolition of commercial stamp duty as agreed in the GST intergovernmental agreement.
“The current Government surplus, combined with the continued growth of GST revenue to WA, gives the Treasurer the ability to abolish commercial stamp duty within the next term of Government and the Property Council expects the Government to honour the GST agreement.”
The property tax relief was secured after years of sustained lobbying by the Property Council.
For further information please contact:
Joe Lenzo, (08) 9426 1200 or 0419 044 768