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📜 Duties Legislation Amendment Bill 2007

Assented toLABill 26028 November 2007

This Bill amends the Stamp Act 1921, the Duties Act 2007, the Taxation Administration Act 2003, and various other Acts to implement a new duties regime, replacing outdated stamp duty arrangements. It adjusts vehicle licence duty rates and abolishes duty on non-real business assets from 1 July 2010.

Impact

Businesses and individuals in Western Australia will be affected by the changes to duty calculations and exemptions. The changes aim to modernise the duties system and remove some taxes on business assets. The continuation of the principal place of residence and small business conveyance duty concession until 2010 affects property owners and small businesses.

Key Changes

["Replaces the Stamp Act 1921 with a new duties regime under the Duties Act 2007.", "Adjusts vehicle licence duty rate scale from 1 January 2009.", "Abolishes duty on non-real business assets from 1 July 2010."]