❓ Mr. Carey asks about the timing and impact of the 75% stamp duty rebate on off-the-plan apartments. The Premier confirms immediate availability and highlights the initiative's potential to stimulate the economy and create jobs.
AnsweredQoN 930Legislative Assembly
QuestionView source ↗
STATE ECONOMY — STAMP DUTY REBATE
930. Mr J.N. CAREY to the Premier:
I also wish to refer to the
sensational announcement this morning for a 75 per cent stamp duty rebate on
apartments purchased off the plan.
(1) When can Western Australians
take advantage of this offer?
(2) What does this mean for both
Perth city and the Western Australian economy as a whole?
930. Mr J.N. CAREY to the Premier:
I also wish to refer to the
sensational announcement this morning for a 75 per cent stamp duty rebate on
apartments purchased off the plan.
(1) When can Western Australians
take advantage of this offer?
(2) What does this mean for both
Perth city and the Western Australian economy as a whole?
AnswerView source ↗
I thank the member for Perth.
(1)–(2) The answer is that investors who purchase off the
plan can take advantage of this initiative as of today. I made the
announcement today with the Minister for Planning and the Treasurer. We were
joined by Sandra Brewer from the Property
Council of Australia, John Gelavis from the Master Builders Association ,
Cath Hart from the Housing Industry Association and Tanya Steinbeck from the
Urban Development Institute of Australia. They were all very pleased with the
announcement. It is a targeted announcement that is designed to create jobs,
using our good financial management.
We will be introducing a 75 per cent
rebate on stamp duty for buyers who sign preconstruction contracts to purchase
new residential units. As I outlined before, it is capped at $50 000 for people
who buy apartments off the plan for the next two years. People can take
advantage of this today. It can save them up to $50 000 if they want to buy an
apartment to invest and rent out or to live in. It is designed to address the
stamp duty imbalance between house and land packages and apartments. Sandra Brewer
commented today that an inherent unfairness has been in place for a long time
between house and land packages, for which people pay stamp duty only on the
land, and apartments, for which people pay stamp duty on the entire value. It
is an inherent unfairness that is being addressed by this measure.
It is designed to boost confidence in
the construction market, create greater infill development, stimulate the
sector and create jobs. It builds on our Keystart loan book changes made
earlier this year, when we increased the income limits for eligibility, and the
$394 million social and affordable housing package that was announced in the
budget to provide more dwellings around the Metronet network. I want to quote
what Cath Hart from the Housing Industry Association had to say today. She said
—
Today's
announcement by @MarkMcGowanMP � will mean a swift boost for building activity. This is great for local jobs & will give industry the confidence to
retain and train more workers.
This
is great news for housing and the construction industry. It shows that when we
have a government that can manage the finances properly, get the state
back to surplus and get state debt tracking down, we can do important targeted
initiatives to create jobs, and that is exactly what this is doing.
(1)–(2) The answer is that investors who purchase off the
plan can take advantage of this initiative as of today. I made the
announcement today with the Minister for Planning and the Treasurer. We were
joined by Sandra Brewer from the Property
Council of Australia, John Gelavis from the Master Builders Association ,
Cath Hart from the Housing Industry Association and Tanya Steinbeck from the
Urban Development Institute of Australia. They were all very pleased with the
announcement. It is a targeted announcement that is designed to create jobs,
using our good financial management.
We will be introducing a 75 per cent
rebate on stamp duty for buyers who sign preconstruction contracts to purchase
new residential units. As I outlined before, it is capped at $50 000 for people
who buy apartments off the plan for the next two years. People can take
advantage of this today. It can save them up to $50 000 if they want to buy an
apartment to invest and rent out or to live in. It is designed to address the
stamp duty imbalance between house and land packages and apartments. Sandra Brewer
commented today that an inherent unfairness has been in place for a long time
between house and land packages, for which people pay stamp duty only on the
land, and apartments, for which people pay stamp duty on the entire value. It
is an inherent unfairness that is being addressed by this measure.
It is designed to boost confidence in
the construction market, create greater infill development, stimulate the
sector and create jobs. It builds on our Keystart loan book changes made
earlier this year, when we increased the income limits for eligibility, and the
$394 million social and affordable housing package that was announced in the
budget to provide more dwellings around the Metronet network. I want to quote
what Cath Hart from the Housing Industry Association had to say today. She said
—
Today's
announcement by @MarkMcGowanMP � will mean a swift boost for building activity. This is great for local jobs & will give industry the confidence to
retain and train more workers.
This
is great news for housing and the construction industry. It shows that when we
have a government that can manage the finances properly, get the state
back to surplus and get state debt tracking down, we can do important targeted
initiatives to create jobs, and that is exactly what this is doing.
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