The Revenue Laws Amendment Bill 2013 (WA) has passed all stages without amendment and awaits Assent. It amends the Duties Act 2008 (WA) and the Taxation Administration Act 2003 (WA) to introduce interim assessment and related provisions. These will allow the WA Commissioner of State Revenue to assess and collect duty on large, high complexity transactions in a more timely and efficient manner. This measure formed part of the Taxation Administration Package that was announced in the WA Budget 2013-14.
The Bill also amends the First Home Owner Grant Act 2000 (WA) to implement the changes to the First Home Owner Grant (FHOG) scheme as announced in the Budget. Under the changes, the grant is increased to $10,000 for first home buyers who purchase or build a new home, and a grant of $3,000 will be provided for the purchase of an established home.
[LTN 183, 20/9/13]
WA: Budget Bill receives Assent
The Revenue Laws Amendment Bill 2013 (WA) on Tue 24.9.2013, received Assent as Act No 10 of 2013.
[LTN 186, 25/9/13]
WA stamp duty: new interim assessment regime
The WA Office of State Revenue (OSR) on Thur 26.9.2013, issued Circular 11, which sets out recent legislative amendments made by the Revenue Laws Amendment Act 2013 (WA), to introduce a new interim assessment regime and make amendments to certain provisions relating to valuations. The amendments took effect on Wed 25.9.2013. The Circular provides a general summary of the amendments to the Duties Act 2008 (WA) and the Taxation Administration Act 2003 (WA). The OSR notes the amendments are aimed at high value and/or complex transactions and not at everyday property or business purchases.
[LTN 187, 26/9/13]