WA Rules Out Higher State Taxes For Foreigners

The Property Council of Australia welcomes the decision by the WA Government to rule out new state taxes on foreign investors.

The WA Treasurer, the Hon Mike Nahan, has written to the Property Council explaining that the State Government has no current intention of applying higher taxes to real estate purchases in WA by foreign residents.

The Treasurer responded to Property Council concerns after the decision by the Victorian Government earlier this year to increase transfer duties on real estate purchases by foreign investors.

Deputy Executive Director Lino Iacomella said “the announcement by the WA Government that it will not be applying higher taxes to real estate purchases by foreigners is very welcome news. Foreign investment plays an important role in building much needed housing infrastructure in WA. The Government announcement will ensure that WA is better able to meet the housing needs of the State’s fast growing population. The consistent supply of housing will deliver more affordable housing.”

“It is very reassuring that the Treasurer acknowledged the important role of foreign investment in supporting economic growth, employment and a higher standard of living.”

“This decision is very timely as foreign investment will play a crucial role in assisting the community to achieve the housing targets in the latest strategic growth plan for the metropolitan area, Perth and [email protected].”