Stamp Duty Scale for Western Australia
Purchase price up to $80,000 |
2.0% |
$80,001 to $100,000 |
$1,600 + 3.0% |
$100,001 to $250,000 |
$2,200 + 4.0% |
$250,001 to $500,000 |
$8,200 + 5.0% |
$500,001 and over |
$20,700 + 5.4% |
Concessions for Western Australia
Owner occupier home buyers:
For purchases up to $100,000 the stamp duty rate is 1.5%
For purchases between $100,001 & $200,000 the stamp duty rate is $1500 + 4.7% above $100,000.
First Home Buyers (Established Homes):
For purchases up to $500,000 no stamp duty is payable.
For purchases between $500,001 and $600,000 the stamp duty rate is 26.1% on the excess over $500,000.
First Home Buyers (Vacant Land):
For purchases up to $300,000 no stamp duty is payable.
For purchases between $300,001 and $400,000 the stamp duty rate is 15.7% on the excess over $300,000.
Stamp duty on leases is abolished for Western Australia
Several changes to stamp duty regulations in WA were introduced by the Office of State Revenue from the start of the year. The following is a summary of the changes relevant to the real estate sector prepared by the Real Estate Institute of WA.
- Stamp duty will not apply to the rental component of new lease agreements that were signed from 1 January 2004 onwards. Duty is also abolished for extensions to leases that are signed from 1 January 2004. But nominal duty of $20 will still apply to an assignment of a lease, a surrender of a lease or an agreement for a lease in consideration for a premium.
- The abolition of stamp duty on leases means that leases executed after 1 January 2004 no longer have to be lodged at the Office of State Revenue for stamping.
- Double stamp duty will no longer apply to certain substituted purchasers prior to the transfer of a property. Eligible substituted purchasers include a purchaser that is related in a specified manner to the original purchaser and a range of corporate relationships. Double duty will also be abolished in instances where an error regarding the description of the property is corrected on a contract prior to settlement.
- Simultaneous 'put and call' option arrangements involving real property will attract stamp duty in a similar fashion to contracts to purchase. Exemptions will apply to put and call arrangements that relate to business succession arrangements or are for the sole purpose of obtaining finance or making other financial arrangements.
- The 'land-rich company' threshold will be lowered from 80% to 60% for stamp duty assessment of business transfers with real property assets.
For more information consult the State Government through the Office of State Revenue at http://www.dtf.wa.gov.au.