The WA Budget 2013-14 was handed down on Thur 8.8.2013. WA Treasurer Troy Buswell announced a number of revenue measures including the following.
- He affirmed an election promise to increase the payroll tax exemption threshold to $800,000 (from the current $750,000) from 2014-15, and to $850,000 from 2016-17.
- Mr Buswell also announced a 12.5% increase in land tax rates from 2013-14 to offset lower than expected land valuations.
- Mr Buswell said the First Home Owner Grant will also be re-targeted to encourage first home buyers to buy newly constructed homes. The FHOG will be increased from $7,000 to id=”mce_marker”0,000 for first-time buyers of new homes. At the same time, the grant will be reduced to $3,000 for first-time buyers of established homes. Subject to the passage of the required legislative amendments, these changes are intended to take effect from 15 September 2013.
- Other revenue measures include improving taxation administration arrangements (including funding for the WA Office of State Revenue);
- Halving of the private vehicle concession for motor vehicle registration fees from January 2014; and
- Introducing a $4,000 per year public school tuition fee for children of 457 visa holders to partly cover the costs of educating these children.
The WA Treasurer also said he had recently tasked the Economic Regulation Authority with undertaking an inquiry every 4 years into the microeconomic reform priorities for Western Australia. Mr Buswell said that, among other things, the inquiries will identify areas of reforms that have the potential to remove or streamline unnecessary regulation. The Economic Regulation Authority will conduct its first inquiry in 2013-14.
[LTN 153, 9/8/13]