Seniors stamp duty exemption wa

West Australian Premier Colin Barnett has promised a $10stamp duty discount for seniors who want to downsize — the ­nation’s most substantial concession of its type. The transaction is exempt from transfer duty if. What is a stamp duty exemption? Do first home buyers pay stamp duty in WA? Property tax exemption program for senior citizens and disabled persons.

Available To: Taxpayers who meet one of the following requirements as of December of the year before the taxes are due: at least years of age or older. Transfer duty or stamp duty is charged on dutiable transactions over land in Western Australia. This includes any agreement for the sale or gift of a house or land. The purchaser or acquirer of the property is liable to pay the stamp duty on the transaction.

You have months after the date that liability for duty on the dutiable transaction arises to lodge the transaction with the WA Office. The ‘stamp duty exemption or concession’ means that if you purchase a property for up to $ 600, you will not be required to pay any stamp duty at all. If your purchase price is between $ 600and $ 750, you will be eligible for a substantial reduction in the stamp duty payable. Stamp duty exemptions vary around the country, depending on the state or territory government policy.

Pensioner Concession Card holders and those holding both a WA Seniors Card and a Commonwealth Seniors Health Card. For instance, in Queensland purchasers buying to live in a property, rather than to invest, may be eligible for a concession. You must have one of the following: Letter or statement from Centrelink confirming you receive the maximum rate of pension and one of the following: - Centrelink Pension Card. Currently NSW does not offer pensioner concessions on stamp duty , only first homeowner concessions on new homes. REIWA together with other property associations, has asked the Western Australian Government to provide a concession on stamp duty for people over who wish to right size into a property more suitable to their needs.

Vacant land purchases are exempt from stamp duty for values up to $30000. The concessional rate for vacant land is $13. Concessions are available for land valued between $300and $40000.

For a foreign buyer, a $35rebate on their $500apartment is 7. While it can be clearly stated that stamp duty is mandatory across the boar there are a few concessions and exemptions that free a buyer from having to pay it. Like the stamp duty price calculation, the rules are different in every state or territory. People with a vision impairment can access free travel at all times if they possess a Western Australian Vision Impairment Travel Pass. Holders of a Health Care Card only are able to access concession rates.

The move comes following appeals from industry that a package of policy measures is required to stimulate the flagging residential property market. To be eligible for the FHOR of duty, the unencumbered value of the home must not exceed $53000. Where the dutiable value of the home does not exceed $4300 no duty is payable.

This scheme gives a flat $10stamp duty discount for eligible seniors or pensioners, who purchase homes up to $75000. This means that you pay no stamp duty for purchases for up to $29000. This low threshold is well outside the median house price of Darwin ($47000) but a little closer to the median house price in other parts of the Territory ($39000).

Last week I put forward a motion that would allow retirees to obtain an exemption on Stamp Duty when downsizing their home. I am happy to say that the Motion passe it was supported by EVERY other party in the House except Labor. Learn what other transactions stamp duty applies to. Make sure to check the information for your state or territory - you may be eligible for concessions or exemptions.

Eligible pension cardholders can claim a once-only exemption or concession from duty when they buy a property they intend to use as their principal place of residence. Under this scheme, purchasers are exempt from stamp duty on new and existing homes valued up to $650and receive concessions for new and existing homes valued between $650and $80000. No duty is payable on vacant land up to $350and on vacant land valued between $350and $450there are concessions. If the rebate does boost deman the WA Government would get a return on its investment of $million over two years, not only in increased stamp duty revenue, even after the rebate is paid. The policy would bring WA in line with Victoria’s current policy and save buyers about per cent on their stamp duty spend.

The council also wants stamp duty exemption for downsizing seniors, to encourage elderly West Australians living in big family homes to move into smaller properties. Other states and territories, including Victoria, the Northern Territory, the Australian Capital Territory and Tasmania have recognised this problem and provide a specific seniors concession for stamp duty. This encourages older people to downsize. The WA Government needs to include a seniors -specific downsizing concession for stamp duty.

First Home Buyers in WA receive an exemption of stamp duty when the purchase price doesn’t exceed $43000. If you’re purchasing for a price in between $430and $530the concessional rate of stamp duty will apply. For purchases over $530there’s no concessions. The upfront purchase price plus any application, documentation or settlement fees which maybe applicable to individual villages. Leases are exempt of stamp duty under current legislation.

If your village offers a title on your residence then you will be liable for stamp duty. Annual Fish Washington : $69. Day Combination Fishing License: $11. Must Purchase Combo: Must Purchase Combo: $20.

Use our online calculator to find out how much vehicle licence duty is payable when you licence or transfer a vehicle in Western Australia.