On 25 November 2010, legislation was passed by the Western Australian State Parliament to transfer responsibility for regulation of the settlement industry from the Settlement Agents Supervisory Board to the Department of Commerce and the Commissioner for Consumer Protection. As of the 1 July the authority for the operation of the Act was devolved from [...]
When you purchase a property, your contract will need to be assessed for Duty to be paid. This is classed by the Office of State Revenue as a Dutiable Transaction. If the Contract is conditional, then duty will generally be paid one month after the contract becomes unconditional. However, if there are no conditions on [...]
When you’re finally able to make your dream home a reality it may come as a rude shock to discover it’s not quite the fairytale it’s cracked up to be. With your dream pad comes legal costs and responsibilities that you’d rather push to the back of your mind. “Conveyancing” is a pretty scary word [...]
RBA Leaves Official Cash Rate Unchanged At its meeting today, the Board decided to leave the cash rate unchanged at 4.75 per cent. Statement by Glenn Stevens, Governor Monetary Policy RBA Since the previous Board meeting, concerns about the creditworthiness of a number of European governments have again become the main focus of financial markets, [...]
TOTAL property sales in Australia to July 2010 amounted to $213 billion, with more than $1 billion in home sales coming from Perth?s top five suburbs, new figures show. As a comparison, just five years ago the total value of sales across the country equated to more than $165.5 billion – an increase of 30 [...]
The Federal Budget | How will it affect the property market? Probably the biggest single measure announced in this year’s federal budget that affects the property market, was the worst kept political secret. The First Home Buyer Boost was always likely to be retained as the market evidence was that it had already had a [...]
Transfer duty is a general revenue tax that applies to dutiable transactions over dutiable property in Western Australia. It is a state based tax administered by the Office of State Revenue (OSR) and not the ATO. Examples of dutiable transactions are: Transfers or agreements for the transfer of dutiable property Declarations of trust over dutiable [...]
