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Newsletter 02/2020

The John Dory from Dubai and Beyond | SMATS - Stamp Duty Reduction

 

75% stamp duty rebate for WA off-plan apartments

Western Australian Government has announced Stamp Duty rebates of up to $50,000 for all buyers purchasing off-the-plan apartments in a bid to stimulate the state's struggling property sector, slow construction industry and create jobs.

How it works:

  • Available to buyers who sign pre-construction contracts to purchase a new residential unit or apartment in a multi-tiered development.
  • No cap on the purchase price or value of the unit or apartment
  • Purchasing more than one property will make you eligible for multiple rebates
  • The discount will also apply to Transfer Duty and Foreign Buyers Duty
  • Starting effective immediately for the next 2 years
    (between 23 October 2019 and 23 October 2021)

This rebate also builds on the generous stamp duty assistance that is already available to first home buyers in WA. For example, a first home buyer purchasing an apartment valued at $450,000 would currently pay around $3,800 in duty. The rebate will reduce this to just $960.

With the Western Australian economy set to gain momentum with:

  • $165B of Mining & Infrastructure projects.
  • WA now getting over A$2bn worth of GST top up payments from the Federal Government over the next 4 years.
  • the population growth improving; and
  • Vacancy rates on the decline.

There has never been a better time to take advantage of the softer market conditions than now, so secure your stamp duty saving before the property market moves into its next growth cycle.

For more information please visit

SMATS

or email norbert@smats.net

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