Changes to Stamp Duty
The WA State Government has proposed changes to the stamp duty threshold as well as the applicable concessional rates in the budget announced on the 8th May. The changes came in to effect on 3rd July 2014
The amendments to stamp duty are as follows:
The first home buyer stamp duty concession, where a full exemption is applied, will now be on home purchases of $430,000 or less. This is down from the current threshold of $500,000. The concession will then phase out for homes between $430,000 – $530,000. This is down from the current limit of $600,000.
The amendments to the First Home Owners Rate will affect all contracts entered in to after the Assent date. These significant changes only impact the First Home Owners Rate on stamp duty and do not impact the First Home Owners Grant (FHOG).
If you are unsure what and how the changes may impact you, please talk with us. We strive to give excellent service by ensuring our skills and knowledge are always up to date.