Revenue Laws Amendment Act 2014

 

Revenue Laws Amendment Act 2014

Contents

Part 1 — Preliminary

1.Short title2

2.Commencement2

Part 2 — Duties Act 2008 amended

3.Act amended3

4.Section 142 amended3

5.Schedule 2 amended4

Part 3 — Land Tax Act 2002 amended

6.Act amended4

7.Section 5 amended4

Part 4 — Pay‑roll Tax Assessment Act 2002 amended

8.Act amended4

9.Section 8 replaced4

8.The tax threshold4

 

Revenue Laws Amendment Act 2014

No. 15 of 2014

An Act to amend the following Acts —

·the Duties Act 2008;

·the Land Tax Act 2002;

·the Pay‑roll Tax Assessment Act 2002.

[Assented to 2 July 2014]

The Parliament of Western Australia enacts as follows:

 

Part 1 — Preliminary

1.Short title

This is the Revenue Laws Amendment Act 2014.

2.Commencement

This Act comes into operation as follows —

(a)Part 1 — on the day on which this Act receives the Royal Assent (assent day);

(b)the rest of the Act — if assent day is on or before 1 July 2014 — on 1 July 2014;

(c)if assent day is after 1 July 2014 —

(i)Part 2 comes into operation on the day after assent day; and

(ii)Parts 3 and 4 are deemed to have come into operation on 1 July 2014.

Part 2 — Duties Act 2008 amended

3.Act amended

This Part amends the Duties Act 2008.

4.Section 142 amended

In section 142(1) delete:

 

(b)the unencumbered value of the land, or the land and home, the subject of the eligible transaction to which the first home owner grant relates, does not exceed —

(i)if there is no home on the land — $400 000; or

(ii)otherwise — $600 000,

and includes a transaction where, due to the operation of section 42(2) or (4), duty is not chargeable on the transfer of dutiable property the subject of the transaction.

 

and insert:

 

(b)the unencumbered value of the land, or the land and home, the subject of the eligible transaction to which the first home owner grant relates, does not exceed —

(i)if there is no home on the land — $400 000; or

(ii)otherwise — $530 000,

and includes a transaction where, due to the operation of section 42(2) or (4), duty is not chargeable on the transfer of dutiable property the subject of the transaction.

 

5.Schedule 2 amended

In Schedule 2 Division 2 in the item relating to s. 143 delete the row commencing “If the property includes a home” and insert:

 

If the property includes a home

$0 — $430 000
$430 001 — $530 000

Nil
$19.19 per $100.00 or part of $100.00 above
$430 000

 

Part 3 — Land Tax Act 2002 amended

6.Act amended

This Part amends the Land Tax Act 2002.

7.Section 5 amended

(1)In section 5 delete the heading to Table 9 and insert:

 

Table 9: Land tax rates for 2013/14

 

(2)In section 5 after Table 9 insert:

 

Table 10: Land tax rates for 2014/15 and subsequent financial years

Taxable value of the land

 

Rate of land tax

Exceeding ($)

Not exceeding ($)

0

300 000

Nil

300 000

1 000 000

0.11 cent for each $1 in excess of $300 000

1 000 000

2 200 000

$770 + 0.58 cent for each $1 in excess of $1 000 000

2 200 000

5 500 000

$7 730 + 1.51 cents for each $1 in excess of $2 200 000

5 500 000

11 000 000

$57 560 + 1.80 cents for each $1 in excess of $5 500 000

11 000 000

 

$156 560 + 2.67 cents for each $1 in excess of $11 000 000

 

Part 4 — Pay‑roll Tax Assessment Act 2002 amended

8.Act amended

This Part amends the Pay‑roll Tax Assessment Act 2002.

9.Section 8 replaced

Delete section 8 and insert:

 

8.The tax threshold

(1)The annual threshold amount for —

(a)the financial years beginning on 1 July 2014 and 1 July 2015 is $800 000; and

(b)a financial year beginning on or after 1 July 2016 is $850 000.

(2)The monthly threshold amount for —

(a)the financial years beginning on 1 July 2014 and 1 July 2015 is $66 667; and

(b)a financial year beginning on or after 1 July 2016 is $70 833.

 

dline