Billion dollar tax relief package confirmed

1/12/04
Western Australian families and businesses could now look forward to $1billion in tax relief following the passage of legislation in State Parliament today.
Treasurer Eric Ripper said the relief would help power the State's economy and create more new jobs.
Mr Ripper said the legislation meant payroll tax cuts could be introduced on January 1, 2005 and land tax reductions could take effect on July 1, 2005. Cuts to stamp duty would be backdated to October 29, 2004, once the legislation received Royal Assent.
The Treasurer said the reduction in the payroll tax rate from six per cent to 5.5 per cent would benefit 9,100 businesses across the State.
First homebuyers, businesses and first-time property investors would benefit from measures that would make it easier for people to buy homes or investment properties.
The measures include a 10 per cent cut to stamp duty on all property conveyances and the abolition of stamp duty for first homebuyers of properties valued up to $250,000 and land valued up to $150,000.
"WA now has the most generous stamp duty concessions for first homebuyers in Australia," Mr Ripper said.
Land taxpayers will receive a $150 reduction in their land tax bill through an adjustment to the land tax regime costing $83million over four years and benefiting about 120,000 property investors.
The Treasurer said the Government could afford the tax relief because of good financial management.
"The Liberals delivered five Budget deficits, presided over a shrinking economy, put up taxes five times and jeopardised the AAA credit rating," he said.
"Labor has increased spending on health, education and police, delivered four balanced Budgets and invested any financial windfalls in tax relief, long-term infrastructure projects and debt repayment."
Treasurer's office: 9222 8788