❓ The Treasurer updates the house on the government's tax reform agenda, highlighting stamp duty exemptions for first homebuyers, reductions in conveyance duty, abolition of mortgage duty, and land tax thresholds. The government emphasizes its commitment to tax cuts and consultation with stakeholders.
AnsweredQoN 160Legislative Assembly
QuestionView source ↗
TAX REFORM AGENDA
The state government has been relentless in pursuing reform to the state’s tax system. Can the Treasurer bring the house up to date on the government’s tax reform agenda, and on how Western Australians are benefiting from that? Mr E.S. RIPPER
The state government has been relentless in pursuing reform to the state’s tax system. Can the Treasurer bring the house up to date on the government’s tax reform agenda, and on how Western Australians are benefiting from that? Mr E.S. RIPPER
AnswerView source ↗
I thank the member for an excellent question. In the last state budget, the state government delivered its fifth round of tax cuts since early 2004, worth $2.1 billion over four years. Those tax cuts included the most generous stamp duty exemptions in the entire country for first homebuyers—completely free of stamp duty for purchases up to $500 000, and partially free for purchases up to $600 000. In fact, the latest figures available, which are for the December 2007 quarter, show that 95 per cent of first homebuyers received a full or partial exemption from stamp duty. I am very pleased to report to this house that the Duties Bill has now passed through the other place, and that as of 1 July stamp duty rates on conveyances will fall by 5 per cent. That is good news for homebuyers and good news for business. It is good news for business, because there is a very business-friendly corporate reconstruction stamp duty exemption—the best and most business-friendly regime in the nation—in the new Duties Act. As banks put up interest rates beyond those increases implemented by the Reserve Bank of Australia, there is a real need for bank customers to be able to move from bank to bank. We need to promote competition and choice for customers. The state government’s abolition of mortgage duty from 1 July will assist customers seeking to move from bank to bank if the bank they are with is not offering them the best deal. Western Australia is ahead of other states, like New South Wales and Queensland, in abolishing mortgage duty. It is also ahead of the other states on land tax. Compared with land tax rates in other states, Western Australia has amongst the lowest rates in the nation for properties valued at up to $10 million. We lifted the threshold for the payment of land tax from $10 000, when we came to power, to $250 000 in 2007-08. Now, a property valued at up to $250 000 will not attract land tax. Tens of thousands of people have consequently been exempted from paying land tax. Mr R.F. Johnson : That will be good for Reece, won’t it? Mr E.S. RIPPER : Well, the exemption affects only property valued up to $250 000. Several members interjected. The SPEAKER : Order, members! Mr E.S. RIPPER : The passage of the Duties Bill marks a very significant stage in the state government’s tax reform program. We have now rewritten every single piece of tax legislation in this state since we came to power in 2001. We have implemented five rounds of tax cuts, cutting stamp duty by five per cent, then 10 per cent in 2004. We are now cutting it by five per cent as a result of the passage of the Duties Bill. We have consulted extensively with business and other stakeholders as we have gone through this reform program. We have introduced a new model for tax reform in this state, and new levels of consultation that have not previously been engaged in. This government has a proud record of tax reform and a proud record of delivering five rounds of tax cuts since 2004.
Mr E.S. RIPPER replied: I thank the member for an excellent question. In the last state budget, the state government delivered its fifth round of tax cuts since early 2004, worth $2.1 billion over four years. Those tax cuts included the most generous stamp duty exemptions in the entire country for first homebuyers—completely free of stamp duty for purchases up to $500 000, and partially free for purchases up to $600 000. In fact, the latest figures available, which are for the December 2007 quarter, show that 95 per cent of first homebuyers received a full or partial exemption from stamp duty. I am very pleased to report to this house that the Duties Bill has now passed through the other place, and that as of 1 July stamp duty rates on conveyances will fall by 5 per cent. That is good news for homebuyers and good news for business. It is good news for business, because there is a very business-friendly corporate reconstruction stamp duty exemption—the best and most business-friendly regime in the nation—in the new Duties Act. As banks put up interest rates beyond those increases implemented by the Reserve Bank of Australia, there is a real need for bank customers to be able to move from bank to bank. We need to promote competition and choice for customers. The state government’s abolition of mortgage duty from 1 July will assist customers seeking to move from bank to bank if the bank they are with is not offering them the best deal. Western Australia is ahead of other states, like New South Wales and Queensland, in abolishing mortgage duty. It is also ahead of the other states on land tax. Compared with land tax rates in other states, Western Australia has amongst the lowest rates in the nation for properties valued at up to $10 million. We lifted the threshold for the payment of land tax from $10 000, when we came to power, to $250 000 in 2007-08. Now, a property valued at up to $250 000 will not attract land tax. Tens of thousands of people have consequently been exempted from paying land tax. Mr R.F. Johnson : That will be good for Reece, won’t it? Mr E.S. RIPPER : Well, the exemption affects only property valued up to $250 000. Several members interjected. The SPEAKER : Order, members! Mr E.S. RIPPER : The passage of the Duties Bill marks a very significant stage in the state government’s tax reform program. We have now rewritten every single piece of tax legislation in this state since we came to power in 2001. We have implemented five rounds of tax cuts, cutting stamp duty by five per cent, then 10 per cent in 2004. We are now cutting it by five per cent as a result of the passage of the Duties Bill. We have consulted extensively with business and other stakeholders as we have gone through this reform program. We have introduced a new model for tax reform in this state, and new levels of consultation that have not previously been engaged in. This government has a proud record of tax reform and a proud record of delivering five rounds of tax cuts since 2004.
I thank the member for an excellent question. In the last state budget, the state government delivered its fifth round of tax cuts since early 2004, worth $2.1 billion over four years. Those tax cuts included the most generous stamp duty exemptions in the entire country for first homebuyers—completely free of stamp duty for purchases up to $500 000, and partially free for purchases up to $600 000. In fact, the latest figures available, which are for the December 2007 quarter, show that 95 per cent of first homebuyers received a full or partial exemption from stamp duty. I am very pleased to report to this house that the Duties Bill has now passed through the other place, and that as of 1 July stamp duty rates on conveyances will fall by 5 per cent. That is good news for homebuyers and good news for business. It is good news for business, because there is a very business-friendly corporate reconstruction stamp duty exemption—the best and most business-friendly regime in the nation—in the new Duties Act. As banks put up interest rates beyond those increases implemented by the Reserve Bank of Australia, there is a real need for bank customers to be able to move from bank to bank. We need to promote competition and choice for customers. The state government’s abolition of mortgage duty from 1 July will assist customers seeking to move from bank to bank if the bank they are with is not offering them the best deal. Western Australia is ahead of other states, like New South Wales and Queensland, in abolishing mortgage duty. It is also ahead of the other states on land tax. Compared with land tax rates in other states, Western Australia has amongst the lowest rates in the nation for properties valued at up to $10 million. We lifted the threshold for the payment of land tax from $10 000, when we came to power, to $250 000 in 2007-08. Now, a property valued at up to $250 000 will not attract land tax. Tens of thousands of people have consequently been exempted from paying land tax. Mr R.F. Johnson : That will be good for Reece, won’t it? Mr E.S. RIPPER : Well, the exemption affects only property valued up to $250 000. Several members interjected. The SPEAKER : Order, members! Mr E.S. RIPPER : The passage of the Duties Bill marks a very significant stage in the state government’s tax reform program. We have now rewritten every single piece of tax legislation in this state since we came to power in 2001. We have implemented five rounds of tax cuts, cutting stamp duty by five per cent, then 10 per cent in 2004. We are now cutting it by five per cent as a result of the passage of the Duties Bill. We have consulted extensively with business and other stakeholders as we have gone through this reform program. We have introduced a new model for tax reform in this state, and new levels of consultation that have not previously been engaged in. This government has a proud record of tax reform and a proud record of delivering five rounds of tax cuts since 2004.
As banks put up interest rates beyond those increases implemented by the Reserve Bank of Australia, there is a real need for bank customers to be able to move from bank to bank. We need to promote competition and choice for customers. The state government’s abolition of mortgage duty from 1 July will assist customers seeking to move from bank to bank if the bank they are with is not offering them the best deal. Western Australia is ahead of other states, like New South Wales and Queensland, in abolishing mortgage duty. It is also ahead of the other states on land tax. Compared with land tax rates in other states, Western Australia has amongst the lowest rates in the nation for properties valued at up to $10 million. We lifted the threshold for the payment of land tax from $10 000, when we came to power, to $250 000 in 2007-08. Now, a property valued at up to $250 000 will not attract land tax. Tens of thousands of people have consequently been exempted from paying land tax. Mr R.F. Johnson : That will be good for Reece, won’t it? Mr E.S. RIPPER : Well, the exemption affects only property valued up to $250 000. Several members interjected. The SPEAKER : Order, members! Mr E.S. RIPPER : The passage of the Duties Bill marks a very significant stage in the state government’s tax reform program. We have now rewritten every single piece of tax legislation in this state since we came to power in 2001. We have implemented five rounds of tax cuts, cutting stamp duty by five per cent, then 10 per cent in 2004. We are now cutting it by five per cent as a result of the passage of the Duties Bill. We have consulted extensively with business and other stakeholders as we have gone through this reform program. We have introduced a new model for tax reform in this state, and new levels of consultation that have not previously been engaged in. This government has a proud record of tax reform and a proud record of delivering five rounds of tax cuts since 2004.
Mr R.F. Johnson : That will be good for Reece, won’t it? Mr E.S. RIPPER : Well, the exemption affects only property valued up to $250 000. Several members interjected. The SPEAKER : Order, members! Mr E.S. RIPPER : The passage of the Duties Bill marks a very significant stage in the state government’s tax reform program. We have now rewritten every single piece of tax legislation in this state since we came to power in 2001. We have implemented five rounds of tax cuts, cutting stamp duty by five per cent, then 10 per cent in 2004. We are now cutting it by five per cent as a result of the passage of the Duties Bill. We have consulted extensively with business and other stakeholders as we have gone through this reform program. We have introduced a new model for tax reform in this state, and new levels of consultation that have not previously been engaged in. This government has a proud record of tax reform and a proud record of delivering five rounds of tax cuts since 2004.
Mr E.S. RIPPER : Well, the exemption affects only property valued up to $250 000. Several members interjected. The SPEAKER : Order, members! Mr E.S. RIPPER : The passage of the Duties Bill marks a very significant stage in the state government’s tax reform program. We have now rewritten every single piece of tax legislation in this state since we came to power in 2001. We have implemented five rounds of tax cuts, cutting stamp duty by five per cent, then 10 per cent in 2004. We are now cutting it by five per cent as a result of the passage of the Duties Bill. We have consulted extensively with business and other stakeholders as we have gone through this reform program. We have introduced a new model for tax reform in this state, and new levels of consultation that have not previously been engaged in. This government has a proud record of tax reform and a proud record of delivering five rounds of tax cuts since 2004.
Several members interjected. The SPEAKER : Order, members! Mr E.S. RIPPER : The passage of the Duties Bill marks a very significant stage in the state government’s tax reform program. We have now rewritten every single piece of tax legislation in this state since we came to power in 2001. We have implemented five rounds of tax cuts, cutting stamp duty by five per cent, then 10 per cent in 2004. We are now cutting it by five per cent as a result of the passage of the Duties Bill. We have consulted extensively with business and other stakeholders as we have gone through this reform program. We have introduced a new model for tax reform in this state, and new levels of consultation that have not previously been engaged in. This government has a proud record of tax reform and a proud record of delivering five rounds of tax cuts since 2004.
The SPEAKER : Order, members! Mr E.S. RIPPER : The passage of the Duties Bill marks a very significant stage in the state government’s tax reform program. We have now rewritten every single piece of tax legislation in this state since we came to power in 2001. We have implemented five rounds of tax cuts, cutting stamp duty by five per cent, then 10 per cent in 2004. We are now cutting it by five per cent as a result of the passage of the Duties Bill. We have consulted extensively with business and other stakeholders as we have gone through this reform program. We have introduced a new model for tax reform in this state, and new levels of consultation that have not previously been engaged in. This government has a proud record of tax reform and a proud record of delivering five rounds of tax cuts since 2004.
Mr E.S. RIPPER : The passage of the Duties Bill marks a very significant stage in the state government’s tax reform program. We have now rewritten every single piece of tax legislation in this state since we came to power in 2001. We have implemented five rounds of tax cuts, cutting stamp duty by five per cent, then 10 per cent in 2004. We are now cutting it by five per cent as a result of the passage of the Duties Bill. We have consulted extensively with business and other stakeholders as we have gone through this reform program. We have introduced a new model for tax reform in this state, and new levels of consultation that have not previously been engaged in. This government has a proud record of tax reform and a proud record of delivering five rounds of tax cuts since 2004.
Mr E.S. RIPPER replied: I thank the member for an excellent question. In the last state budget, the state government delivered its fifth round of tax cuts since early 2004, worth $2.1 billion over four years. Those tax cuts included the most generous stamp duty exemptions in the entire country for first homebuyers—completely free of stamp duty for purchases up to $500 000, and partially free for purchases up to $600 000. In fact, the latest figures available, which are for the December 2007 quarter, show that 95 per cent of first homebuyers received a full or partial exemption from stamp duty. I am very pleased to report to this house that the Duties Bill has now passed through the other place, and that as of 1 July stamp duty rates on conveyances will fall by 5 per cent. That is good news for homebuyers and good news for business. It is good news for business, because there is a very business-friendly corporate reconstruction stamp duty exemption—the best and most business-friendly regime in the nation—in the new Duties Act. As banks put up interest rates beyond those increases implemented by the Reserve Bank of Australia, there is a real need for bank customers to be able to move from bank to bank. We need to promote competition and choice for customers. The state government’s abolition of mortgage duty from 1 July will assist customers seeking to move from bank to bank if the bank they are with is not offering them the best deal. Western Australia is ahead of other states, like New South Wales and Queensland, in abolishing mortgage duty. It is also ahead of the other states on land tax. Compared with land tax rates in other states, Western Australia has amongst the lowest rates in the nation for properties valued at up to $10 million. We lifted the threshold for the payment of land tax from $10 000, when we came to power, to $250 000 in 2007-08. Now, a property valued at up to $250 000 will not attract land tax. Tens of thousands of people have consequently been exempted from paying land tax. Mr R.F. Johnson : That will be good for Reece, won’t it? Mr E.S. RIPPER : Well, the exemption affects only property valued up to $250 000. Several members interjected. The SPEAKER : Order, members! Mr E.S. RIPPER : The passage of the Duties Bill marks a very significant stage in the state government’s tax reform program. We have now rewritten every single piece of tax legislation in this state since we came to power in 2001. We have implemented five rounds of tax cuts, cutting stamp duty by five per cent, then 10 per cent in 2004. We are now cutting it by five per cent as a result of the passage of the Duties Bill. We have consulted extensively with business and other stakeholders as we have gone through this reform program. We have introduced a new model for tax reform in this state, and new levels of consultation that have not previously been engaged in. This government has a proud record of tax reform and a proud record of delivering five rounds of tax cuts since 2004.
I thank the member for an excellent question. In the last state budget, the state government delivered its fifth round of tax cuts since early 2004, worth $2.1 billion over four years. Those tax cuts included the most generous stamp duty exemptions in the entire country for first homebuyers—completely free of stamp duty for purchases up to $500 000, and partially free for purchases up to $600 000. In fact, the latest figures available, which are for the December 2007 quarter, show that 95 per cent of first homebuyers received a full or partial exemption from stamp duty. I am very pleased to report to this house that the Duties Bill has now passed through the other place, and that as of 1 July stamp duty rates on conveyances will fall by 5 per cent. That is good news for homebuyers and good news for business. It is good news for business, because there is a very business-friendly corporate reconstruction stamp duty exemption—the best and most business-friendly regime in the nation—in the new Duties Act. As banks put up interest rates beyond those increases implemented by the Reserve Bank of Australia, there is a real need for bank customers to be able to move from bank to bank. We need to promote competition and choice for customers. The state government’s abolition of mortgage duty from 1 July will assist customers seeking to move from bank to bank if the bank they are with is not offering them the best deal. Western Australia is ahead of other states, like New South Wales and Queensland, in abolishing mortgage duty. It is also ahead of the other states on land tax. Compared with land tax rates in other states, Western Australia has amongst the lowest rates in the nation for properties valued at up to $10 million. We lifted the threshold for the payment of land tax from $10 000, when we came to power, to $250 000 in 2007-08. Now, a property valued at up to $250 000 will not attract land tax. Tens of thousands of people have consequently been exempted from paying land tax. Mr R.F. Johnson : That will be good for Reece, won’t it? Mr E.S. RIPPER : Well, the exemption affects only property valued up to $250 000. Several members interjected. The SPEAKER : Order, members! Mr E.S. RIPPER : The passage of the Duties Bill marks a very significant stage in the state government’s tax reform program. We have now rewritten every single piece of tax legislation in this state since we came to power in 2001. We have implemented five rounds of tax cuts, cutting stamp duty by five per cent, then 10 per cent in 2004. We are now cutting it by five per cent as a result of the passage of the Duties Bill. We have consulted extensively with business and other stakeholders as we have gone through this reform program. We have introduced a new model for tax reform in this state, and new levels of consultation that have not previously been engaged in. This government has a proud record of tax reform and a proud record of delivering five rounds of tax cuts since 2004.
As banks put up interest rates beyond those increases implemented by the Reserve Bank of Australia, there is a real need for bank customers to be able to move from bank to bank. We need to promote competition and choice for customers. The state government’s abolition of mortgage duty from 1 July will assist customers seeking to move from bank to bank if the bank they are with is not offering them the best deal. Western Australia is ahead of other states, like New South Wales and Queensland, in abolishing mortgage duty. It is also ahead of the other states on land tax. Compared with land tax rates in other states, Western Australia has amongst the lowest rates in the nation for properties valued at up to $10 million. We lifted the threshold for the payment of land tax from $10 000, when we came to power, to $250 000 in 2007-08. Now, a property valued at up to $250 000 will not attract land tax. Tens of thousands of people have consequently been exempted from paying land tax. Mr R.F. Johnson : That will be good for Reece, won’t it? Mr E.S. RIPPER : Well, the exemption affects only property valued up to $250 000. Several members interjected. The SPEAKER : Order, members! Mr E.S. RIPPER : The passage of the Duties Bill marks a very significant stage in the state government’s tax reform program. We have now rewritten every single piece of tax legislation in this state since we came to power in 2001. We have implemented five rounds of tax cuts, cutting stamp duty by five per cent, then 10 per cent in 2004. We are now cutting it by five per cent as a result of the passage of the Duties Bill. We have consulted extensively with business and other stakeholders as we have gone through this reform program. We have introduced a new model for tax reform in this state, and new levels of consultation that have not previously been engaged in. This government has a proud record of tax reform and a proud record of delivering five rounds of tax cuts since 2004.
Mr R.F. Johnson : That will be good for Reece, won’t it? Mr E.S. RIPPER : Well, the exemption affects only property valued up to $250 000. Several members interjected. The SPEAKER : Order, members! Mr E.S. RIPPER : The passage of the Duties Bill marks a very significant stage in the state government’s tax reform program. We have now rewritten every single piece of tax legislation in this state since we came to power in 2001. We have implemented five rounds of tax cuts, cutting stamp duty by five per cent, then 10 per cent in 2004. We are now cutting it by five per cent as a result of the passage of the Duties Bill. We have consulted extensively with business and other stakeholders as we have gone through this reform program. We have introduced a new model for tax reform in this state, and new levels of consultation that have not previously been engaged in. This government has a proud record of tax reform and a proud record of delivering five rounds of tax cuts since 2004.
Mr E.S. RIPPER : Well, the exemption affects only property valued up to $250 000. Several members interjected. The SPEAKER : Order, members! Mr E.S. RIPPER : The passage of the Duties Bill marks a very significant stage in the state government’s tax reform program. We have now rewritten every single piece of tax legislation in this state since we came to power in 2001. We have implemented five rounds of tax cuts, cutting stamp duty by five per cent, then 10 per cent in 2004. We are now cutting it by five per cent as a result of the passage of the Duties Bill. We have consulted extensively with business and other stakeholders as we have gone through this reform program. We have introduced a new model for tax reform in this state, and new levels of consultation that have not previously been engaged in. This government has a proud record of tax reform and a proud record of delivering five rounds of tax cuts since 2004.
Several members interjected. The SPEAKER : Order, members! Mr E.S. RIPPER : The passage of the Duties Bill marks a very significant stage in the state government’s tax reform program. We have now rewritten every single piece of tax legislation in this state since we came to power in 2001. We have implemented five rounds of tax cuts, cutting stamp duty by five per cent, then 10 per cent in 2004. We are now cutting it by five per cent as a result of the passage of the Duties Bill. We have consulted extensively with business and other stakeholders as we have gone through this reform program. We have introduced a new model for tax reform in this state, and new levels of consultation that have not previously been engaged in. This government has a proud record of tax reform and a proud record of delivering five rounds of tax cuts since 2004.
The SPEAKER : Order, members! Mr E.S. RIPPER : The passage of the Duties Bill marks a very significant stage in the state government’s tax reform program. We have now rewritten every single piece of tax legislation in this state since we came to power in 2001. We have implemented five rounds of tax cuts, cutting stamp duty by five per cent, then 10 per cent in 2004. We are now cutting it by five per cent as a result of the passage of the Duties Bill. We have consulted extensively with business and other stakeholders as we have gone through this reform program. We have introduced a new model for tax reform in this state, and new levels of consultation that have not previously been engaged in. This government has a proud record of tax reform and a proud record of delivering five rounds of tax cuts since 2004.
Mr E.S. RIPPER : The passage of the Duties Bill marks a very significant stage in the state government’s tax reform program. We have now rewritten every single piece of tax legislation in this state since we came to power in 2001. We have implemented five rounds of tax cuts, cutting stamp duty by five per cent, then 10 per cent in 2004. We are now cutting it by five per cent as a result of the passage of the Duties Bill. We have consulted extensively with business and other stakeholders as we have gone through this reform program. We have introduced a new model for tax reform in this state, and new levels of consultation that have not previously been engaged in. This government has a proud record of tax reform and a proud record of delivering five rounds of tax cuts since 2004.
Explore WA Government Data
Search the full archive in the free dashboard, or query programmatically via API.
Explore more
Government Gazette
Appointments, regulatory notices, planning changes.
Hansard
Debates, questions, speeches and sentiment.
Tabled Papers
Reports and documents tabled in Parliament.
Committees
Committee profiles and recent reports.
Regulations
Subsidiary legislation with filters and summaries.
Bills
Proposed laws and parliamentary progress.
Acts
Current WA legislation and summaries.
Explanatory Memoranda
Bills with EMs (text/PDF) available.
Members
MP profiles, party breakdown and rankings.
Pollie Rankings
Data-driven rankings across 19 categories.
Amendment Chains
Track how schemes and regulations evolve over time.