📜 Duties Amendment (First Home Owner Concessions) Bill 2024
Assented toLABill 15715 May 2024
This Bill amends the Duties Act 2008 to increase the first home owner duty concession, raising the tax-free threshold and adjusting the duty rate for eligible homes.
Impact
First home buyers in Western Australia will benefit from reduced or eliminated transfer duty on eligible properties, making home ownership more accessible. The changes apply to purchases made on or after 9 May 2024.
Key Changes
["Increases the tax-free threshold for first home buyers from $430,000 to $450,000.", "Adjusts the duty rate for properties valued between $450,001 and $600,000 to $15.01 per $100 or part of $100 above $450,000.", "Applies the amended concession provisions to relevant transactions occurring on or after 9 May 2024, even if the transaction occurred before the commencement day of the Act."]
Parliamentary Progress
- LA Second Reading MovedLA15 May 2024
- LA IntroducedLA15 May 2024
- LA Third ReadingLA12 June 2024
- LC Second Reading MovedLC12 June 2024
- LA Second Reading AgreedLA12 June 2024
- LA Consideration in DetailLA12 June 2024
- LC Second Reading AgreedLC21 Aug 2024
- LC Third ReadingLC21 Aug 2024
- Royal Assent30 Aug 2024
Affected Sectors
financehousing
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