Revenue Laws Amendment Act 2014 (WA)

Western Australia

Revenue Laws Amendment Act 2014

Western Australia

Revenue Laws Amendment Act 2014 Contents

Western Australia

Revenue Laws Amendment Act 2014

Revenue Laws Amendment Act 2014

No. 15 of 2014

An Act to amend the following Acts —

the Duties Act 2008;

the Land Tax Act 2002;

the Pay‑roll Tax Assessment Act 2002.

[Assented to 2 July 2014]

The Parliament of Western Australia enacts as follows:

Part 1 – Preliminary1.Short title

This is the Revenue Laws Amendment Act 2014.

2.Commencement

This Act comes into operation as follows —

• (a)

  Part 1 — on the day on which this Act receives the Royal Assent (assent day);

• (b)

  the rest of the Act — if assent day is on or before 1 July 2014 — on 1 July 2014;

• (c)

  if assent day is after 1 July 2014 —

  • (i)

    Part 2 comes into operation on the day after assent day; and

  • (ii)

    Parts 3 and 4 are deemed to have come into operation on 1 July 2014.

  Part 2 – Duties Act 2008 amended

3.Act amended

This Part amends the Duties Act 2008.

4.Section 142 amended

In section 142(1) delete:

• (b)

  the unencumbered value of the land, or the land and home, the subject of the eligible transaction to which the first home owner grant relates, does not exceed —

  • (i)

    if there is no home on the land — $400 000; or

  • (ii)

    otherwise — $600 000,

and includes a transaction where, due to the operation of section 42(2) or (4), duty is not chargeable on the transfer of dutiable property the subject of the transaction.

 

and insert:

• (b)

  the unencumbered value of the land, or the land and home, the subject of the eligible transaction to which the first home owner grant relates, does not exceed —

  • (i)

    if there is no home on the land — $400 000; or

  • (ii)

    otherwise — $530 000,

and includes a transaction where, due to the operation of section 42(2) or (4), duty is not chargeable on the transfer of dutiable property the subject of the transaction.

5.Schedule 2 amended

In Schedule 2 Division 2 in the item relating to s. 143 delete the row commencing “If the property includes a home” and insert:

If the property includes a home $0 — $430 000 $430 001 — $530 000 Nil $19.19 per $100.00 or part of $100.00 above $430 000

Part 3 – Land Tax Act 2002 amended6.Act amended

This Part amends the Land Tax Act 2002.

7.Section 5 amended

• (1)

  In section 5 delete the heading to Table 9 and insert:

   

Table 9: Land tax rates for 2013/14

• (2)

  In section 5 after Table 9 insert:

   

Table 10: Land tax rates for 2014/15 and subsequent financial years

Taxable value of the land		Rate of land tax
Exceeding ($)	Not exceeding ($)
0	300 000	Nil
300 000	1 000 000	0.11 cent for each $1 in excess of $300 000
1 000 000	2 200 000	$770 + 0.58 cent for each $1 in excess of $1 000 000
2 200 000	5 500 000	$7 730 + 1.51 cents for each $1 in excess of $2 200 000
5 500 000	11 000 000	$57 560 + 1.80 cents for each $1 in excess of $5 500 000
11 000 000	$156 560 + 2.67 cents for each $1 in excess of $11 000 000

Part 4 – Pay‑roll Tax Assessment Act 2002 amended8.Act amended

This Part amends the Pay‑roll Tax Assessment Act 2002.

9.Section 8 replaced

Delete section 8 and insert:

8. The tax threshold

• (1)

  The annual threshold amount for —

  • (a)

    the financial years beginning on 1 July 2014 and 1 July 2015 is $800 000; and

  • (b)

    a financial year beginning on or after 1 July 2016 is $850 000.

• (2)

  The monthly threshold amount for —

  • (a)

    the financial years beginning on 1 July 2014 and 1 July 2015 is $66 667; and

  • (b)

    a financial year beginning on or after 1 July 2016 is $70 833.