For example, an Owner/Occupier or Investor of a strata-titled, pre-construction property in Western Australia for $500,000 would normally pay $18,000 in stamp duty and a non-resident near $53,000 in tax. You are now allowed to apply for a refund of 75% of that amount.
1. Available to Domestic & International purchasers in Western Australia.
Whether you are Australia based or overseas you still qualify for the 75% stamp duty rebate. The property itself, however, has to be in Western Australia.
2. The purchaser may apply for 75% of the stamp duty payable on any contract price up to a maximum of $50,000.
When entering into a contract to purchase a strata-titled, pre-construction property between the below dates you immediately become eligible for a rebate of up to 75% of the total stamp duty payable to a maximum of $50,000. This has been implemented by the Western Australian State Government to assist with the recovery of the property market and achieve infill objectives.
3. Valid for signatories of contracts from 23 October 2019 – 23 October 2021.
Contracts must be exchanged and unconditional between 23/10/2019 – 23/10/2021 in order to qualify for the rebate.
4. Available ONLY on “pre-construction” Off-the-plan multitier projects.
Another stipulation is that the development must not have commenced. The rebate is only valid for projects that have not begun. There are a number of high-quality projects earmarked
5. The construction must be completed within 36 months of the contract date.
The developer then has 36 months to complete the construction. Completion is deemed to have been achieved once the final strata-plan has been lodged. There are exemptions for particular projects, if necessary. It’s best to ask your sales agent when purchasing if the project you are investing in qualifies for the exemption.
6. Multiple rebates are allowed on multiple purchases.
We know of numerous instances where several family members purchase into the same development. All family members qualify and multiple purchases by a single individual or entity are also allowed.
7. Rebate may be applied for within 12 months of the strata plan is registered by the developer.
The new owner may apply for the rebate within 12 months of the strata-plan being registered by the developer and rebates received in due course.
We are extremely excited about this new initiative and have already assisted numerous savvy owner/occupiers, as well as investors, take advantage of this great initiative.
