Getting stamp duty settings right in Western Australia is crucial to provide renewed confidence to both the property industry and homeowners, the Property Council has warned.
Following robust debate in State Parliament on Thursday, Property Council WA Executive Director Sandra Brewer called for a better and more honest dialogue from all parties about the impact stamp duty has on the property industry in Western Australia.
“Property is one of the most taxed industries in the economy. It is taxed at most stages of the product lifecycle and by all three levels of government,” Ms Brewer said.
“We have been encouraged by some of the proactive measures taken by the McGowan Government in recent times on stamp duty.
“The 75 per cent stamp duty rebate for off-the-plan apartment purchases is a great start and we have asked the government to consider sensible adjustments to those measures.
“The Treasurer is aware of our lingering concerns about the Foreign Buyers Surcharge and the potential for the stamp duty rebate to be adjusted to create even more jobs.”
Ms Brewer also called on the State Opposition to declare its position on WA property taxes.
“The Opposition has a chance to take the lead on this issue,” Ms Brewer said.
“By committing to remove the Foreign Buyers Surcharge and maintaining the 75 per cent stamp duty rebate as a minimum, the Opposition can demonstrate its support for the industry that employs more Western Australians than mining and manufacturing combined.
“The economic benefits of these tax changes are well understood and we know their cost to the budget is minimal.”