Duties Amendment (First Home Owner Concessions) Act 2024

 

Duties Amendment (First Home Owner Concessions) Act 2024

Contents

1.Short title2

2.Commencement2

3.Act amended2

4.Section 142 amended2

5.Schedule 2 Division 2 amended2

6.Schedule 3 Division 13 inserted3

Division 13 — Provisions for Duties Amendment (First Home Owner Concessions) Act 2024

78.Terms used3

79.Relevant first home owner concessional transaction4

80.Application of amended concession provisions4

 

Duties Amendment (First Home Owner Concessions) Act 2024

No. 27 of 2024

An Act to amend the Duties Act 2008.

[Assented to 30 August 2024]

The Parliament of Western Australia enacts as follows:

 

1.Short title

This is the Duties Amendment (First Home Owner Concessions) Act 2024.

2.Commencement

This Act comes into operation as follows —

(a)sections 1 and 2 — on the day on which this Act receives the Royal Assent;

(b)the rest of the Act — on the day after that day.

3.Act amended

This Act amends the Duties Act 2008.

4.Section 142 amended

In section 142(1)(b)(ii) delete “$530 000.” and insert:

 

$600 000.

 

5.Schedule 2 Division 2 amended

In Schedule 2 Division 2 delete:

 

If the property includes a home

$0 — $430 000

Nil

 

$430 001 — $530 000

$19.19 per $100 or part of $100 above $430 000

 

and insert:

 

If the property includes a home

$0 — $450 000

Nil

 

$450 001 — $600 000

$15.01 per $100 or part of $100 above $450 000

 

6.Schedule 3 Division 13 inserted

At the end of Schedule 3 insert:

 

Division 13 — Provisions for Duties Amendment (First Home Owner Concessions) Act 2024

78.Terms used

In this Division —

amended concession provisions means section 142 and Schedule 2 Division 2, as amended by the Duties Amendment (First Home Owner Concessions) Act 2024 sections 4 and 5;

commencement day means the day on which the Duties Amendment (First Home Owner Concessions) Act 2024 section 3 comes into operation;

first concessional transaction has the meaning given in section 142(2);

further concessional transaction has the meaning given in section 142(2);

pre‑9 May 2024 agreement has the meaning given in clause 79(2);

relevant first home owner concessional transaction has the meaning given in clause 79;

substituted transferee has the meaning given in section 141(3).

79.Relevant first home owner concessional transaction

(1)A relevant first home owner concessional transaction is a transaction that —

(a)is a first home owner concessional transaction as defined in section 142(1), as amended by the Duties Amendment (First Home Owner Concessions) Act 2024 section 4; and

(b)occurs on or after 9 May 2024.

(2)An agreement (a pre‑9 May 2024 agreement) for the transfer of dutiable property entered into before 9 May 2024 is not a relevant first home owner concessional transaction even if the subsequent transfer of the property occurs on or after 9 May 2024.

80.Application of amended concession provisions

(1)The amended concession provisions apply in relation to the imposition of duty on a relevant first home owner concessional transaction, even if the transaction occurred before commencement day.

(2)Despite subclause (1), the amended concession provisions do not apply in relation to the imposition of duty on a relevant first home owner concessional transaction that is a further concessional transaction if the first concessional transaction to which it relates is —

(a)a pre‑9 May 2024 agreement; or

(b)a transfer of dutiable property that is —

(i)in conformity with a pre‑9 May 2024 agreement; or

(ii)a transfer of dutiable property the subject of a pre‑9 May 2024 agreement to a substituted transferee in relation to the agreement.

(3)If subclause (2) applies, duty is chargeable on the further concessional transaction at the same rate and using the same thresholds that applied to the pre‑9 May 2024 agreement referred to in whichever of subclause (2)(a) or (b)(i) or (ii) is applicable.

(4)If an assessment of duty payable on a relevant first home owner concessional transaction to which the amended concession provisions apply was made before commencement day, the Commissioner may, on application or on the Commissioner’s own initiative, reassess the duty payable on the transaction in accordance with the amended concession provisions.

 

 

© State of Western Australia 2024.

This work is licensed under a Creative Commons Attribution 4.0 International Licence (CC BY 4.0). To view relevant information and for a link to a copy of the licence, visit www.legislation.wa.gov.au.

Attribute work as: © State of Western Australia 2024.

By Authority: GEOFF O. LAWN, Government Printer