❓ Hon. Robyn McSweeney questions the Treasurer regarding stamp duty on property purchases, specifically concerning payment timing, refund processes, and recent changes to timeframes for stamp duty application. The Treasurer's response clarifies refund processing times and the rationale behind the changes, citing concerns about sub-sales and comparison to other jurisdictions.
AnsweredQoN 1240Legislative Council
QuestionView source ↗
I refer to stamp duty on property purchases -
(1) When someone puts in an offer to purchase a property subject to the sale of their own property why do they have to pay stamp duty before that settlement goes through?
(2) If the sales falls through and the offer to purchase is withdrawn for any reason and the stamp duty has been paid as requested then how long before the treasury refunds the money given that it can be approximately $12 000?
(3) Why were the changes to stamp duty on property that were put into effect on July 1 2003 as to limiting time periods from three months plus another three months to two months plus one month necessary?
(4) What was the reason for this change?
(1) When someone puts in an offer to purchase a property subject to the sale of their own property why do they have to pay stamp duty before that settlement goes through?
(2) If the sales falls through and the offer to purchase is withdrawn for any reason and the stamp duty has been paid as requested then how long before the treasury refunds the money given that it can be approximately $12 000?
(3) Why were the changes to stamp duty on property that were put into effect on July 1 2003 as to limiting time periods from three months plus another three months to two months plus one month necessary?
(4) What was the reason for this change?
AnswerView source ↗
Answered
15 October 2003
Responded by
Minister for Housing and Works representing the Treasurer
Response time
35 days
(2) The majority of refund applications in these circumstances are processed within seven days. However, exceptions may occur where insufficient information is provided to allow the merits of the refund application to be ascertained in accordance with the Stamp Act or where it cannot be determined without further enquiry that a benefit has not been derived in circumstances where the contract has not been carried into effect. (3)&(4) The need for change arose out of concerns that the six month time period afforded opportunities for sub-sales of property to occur without the payment of duty. The change also reflected that the periods available in Western Australia were overly generous when compared to most other Australian jurisdictions.
(2) The majority of refund applications in these circumstances are processed within seven days. However, exceptions may occur where insufficient information is provided to allow the merits of the refund application to be ascertained in accordance with the Stamp Act or where it cannot be determined without further enquiry that a benefit has not been derived in circumstances where the contract has not been carried into effect. (3)&(4) The need for change arose out of concerns that the six month time period afforded opportunities for sub-sales of property to occur without the payment of duty. The change also reflected that the periods available in Western Australia were overly generous when compared to most other Australian jurisdictions.
(3)&(4) The need for change arose out of concerns that the six month time period afforded opportunities for sub-sales of property to occur without the payment of duty. The change also reflected that the periods available in Western Australia were overly generous when compared to most other Australian jurisdictions.
(3)&(4) The need for change arose out of concerns that the six month time period afforded opportunities for sub-sales of property to occur without the payment of duty. The change also reflected that the periods available in Western Australia were overly generous when compared to most other Australian jurisdictions.
(2) The majority of refund applications in these circumstances are processed within seven days. However, exceptions may occur where insufficient information is provided to allow the merits of the refund application to be ascertained in accordance with the Stamp Act or where it cannot be determined without further enquiry that a benefit has not been derived in circumstances where the contract has not been carried into effect. (3)&(4) The need for change arose out of concerns that the six month time period afforded opportunities for sub-sales of property to occur without the payment of duty. The change also reflected that the periods available in Western Australia were overly generous when compared to most other Australian jurisdictions.
(3)&(4) The need for change arose out of concerns that the six month time period afforded opportunities for sub-sales of property to occur without the payment of duty. The change also reflected that the periods available in Western Australia were overly generous when compared to most other Australian jurisdictions.
(3)&(4) The need for change arose out of concerns that the six month time period afforded opportunities for sub-sales of property to occur without the payment of duty. The change also reflected that the periods available in Western Australia were overly generous when compared to most other Australian jurisdictions.
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