09 Oct 2020
Western Australian State Budget Revenue Measures 2020
By Michelle Pham
Changes to payroll tax, and tax and the off-the-plan transfer duty rebate scheme all feature in this year's WA Budget.
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The Western Australia State budget was delivered on 8 October 2020 and despite the pandemic, the Government was able to forecast a budget surplus for the 2020-21 financial year. The revenue measures announced in the budget have largely been implemented as part of the COVID-19 Recovery Plan, aimed at driving Western Australia's economic and social recover. These measures include:
- The increase in the payroll tax exemption threshold to $1 million was brought forward to 1 July 2020 (from the previously planned date of 1 January 2021)
- Legislation was passed to exempt the JobKeeper payment from payroll tax
- A payroll tax waiver was available from 1 March 2020 to 30 June 2020 for businesses which are employers (or groups of employers) with annual Australian taxable wages of less than $7.5 million
- One-off payroll tax grants of $17,500 were handed out to eligible businesses which are employers (or groups of employers) with annual Australian taxable wages of more than $1 million and less than $4 million
- The 75% off-the-plan transfer duty rebate scheme for purchases in multi-tiered developments already under construction (capped at $25,000) has been extended to contracts entered into between 4 June 2020 to 31 December 2020. The rebate is also available for pre-construction contracts to purchase a new residential unit or apartment entered into between 23 October 2019 to 23 October 2021 (capped at $50,000)
- The Land Tax Assistance for Landlords Program has been extended with a new qualifying period between 1 September 2020 and 31 December 2020. This program gives landlords who provide rent relief to their small business tenants a grant to assist with their land tax obligations.
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