The WA Government says it has “informally reviewed the operation of the existing land tax exemption for primary production to look at options for modernising and simplifying the exemption”.
- WA Treasurer Mike Nahan said the review’s recommendations included: simplifying existing exemption requirements,
- clarifying the application of the exemption where land is used for both primary production and secondary processing, and
- extending the exemption to situations where the land is used for primary production by another family member; and
- ensuring primary producers are eligible for the exemption on land used to grow, for example, grapes or olives even if the produce is sold as wine or olive oil.”
WA Finance Minister Dean Nalder said the WA Government was “proposing to dispense with some of the more complex and onerous exemption requirements and replace these with more modern and flexible business tests”. In this regard, the WA Government says “targeted consultation” will commence once draft legislation is available, which is expected to occur during June-July 2014, with possible introduction of legislation in the WA Parliament in the second half of 2014. Mr Nalder indicated that the changes would apply from the 2014-15 land tax assessment year.
Source: WA Treasurer and WA Finance Minister’s joint media release, 7 May 2014
[LTN 86, 8/5/14]