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📜 Duties Amendment (Additional Duty for Foreign Persons) Bill 2018

Assented toLABill 7213 June 2018

The Duties Amendment (Additional Duty for Foreign Persons) Bill 2018 amends the Duties Act 2008 to introduce additional duties for foreign persons purchasing residential property in Western Australia. It defines key terms like 'foreign person,' 'foreign trust,' and 'residential property' and establishes the framework for collecting these new duties.

Impact

This bill affects foreign individuals and entities purchasing residential property in Western Australia. It aims to increase revenue and potentially influence foreign investment in the housing market. It matters because it increases the cost of buying property for foreign purchasers.

Key Changes

["Introduces 'foreign transfer duty' on foreign dutiable transactions.", "Introduces 'foreign landholder duty' on acquisitions of interests in residential landholders by foreign persons.", "Defines 'foreign person', 'foreign corporation', 'foreign trust' and 'residential property' for the purposes of the new duties."]

Parliamentary Progress

  1. LA Second Reading MovedLA13 June 2018
  2. LA IntroducedLA13 June 2018
  3. LA Third ReadingLA16 Aug 2018
  4. LA Second Reading AgreedLA16 Aug 2018
  5. LA Consideration in DetailLA16 Aug 2018
  6. LC Second Reading MovedLC21 Aug 2018
  7. LC Second Reading AgreedLC20 Sept 2018
  8. LC Third ReadingLC9 Oct 2018
  9. Royal Assent17 Oct 2018
Affected Sectors
financehousingconstruction

Penalty Provisions1 found

unclear
205ZTUnclearcross reference

Failure to lodge foreign landholder duty declaration

Ref: Failure to lodge foreign landholder duty declaration

“205ZT. Failure to lodge foreign landholder duty declaration”

View on Parliament website →Bill PDFEM PDF

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