Western Australia will impose a property surcharge on overseas buyers from next year on. (Realestate pictures)
Starting next year, Western Australia will be in line with other states, imposing a property surcharge on foreign buyers.
Western Australia`s parliament has passed a bill aimed at foreign buyers, the Australian news agency reported. Starting in January, foreign buyers of residential property in Western Australia will have to pay a 7 percent surcharge.
The move is expected to generate A $ one hundred and nineteen million nine hundred and ninety nine thousand nine hundred and ninety nine in tax revenue for government over four years. Additional tax revenue will provide more money to McGovern (Mark McGowan) government to fund the (TAFE) tuition freeze program at the Institute of Technology and continuing Education.
Wyatt (Ben Wyatt), the finance minister, also issued a statement yesterday in which he attacked the Western Australian Liberal Party and the National Party and praised the Greens and one-Nation Party for "being more mature and constructive in resolving the state`s fiscal affairs."
