The Department of Treasury’s innovative Off-the-Plan Duty Rebate Scheme has been extended for a further two years.
Originally due to expire in next month (October), the Scheme aims to make home ownership more accessible to Western Australians, as well as encouraging employment in the construction industry, by providing a rebate of duty paid on eligible apartment purchases.
Treasurer, Ben Wyatt said the extension was part of a number of measures in place to improve access to housing and stimulate the economy.
Mr Wyatt said the Scheme would now operate for pre-construction contracts entered into between 23 October 2019 and 24 October 2023.
He said purchasers of eligible off-the-plan properties would be able to apply for a rebate of duty after the settlement of the property had occurred, provided the eligibility criteria were satisfied.
Mr Wyatt said the rebate built on the stamp duty assistance for first home buyers.
“For example, a first home buyer purchasing an apartment valued at $450,000 would currently pay around $3,800 in duty,” he said.
“The rebate will reduce this to just $960.
“Older Western Australians looking to downsize into a more fit-for-purpose dwelling will also benefit by being able to access this significant rebate.”
The Treasurer said the Scheme not only offered incentives for investment within Western Australia, but would also promote job opportunities for the construction industry.
“Infill construction helps to drive a number of important outcomes for the people of Western Australia, including more affordable housing, a better environment, revitalised shopping precincts and stronger communities,” he said.
“The Government is in the position to be able to stimulate the economy because we have responsibly managed the finances and are now able to take this action while still having debt declining,” Mr Wyatt said.
