Tax relief for small businesses deferred indefinitely
What they promised
The Liberals are committed to lifting the tax burden on Western Australian businesses to free up funds that can be better used to invest, expand, employ and innovate- WA Liberals Policy Paper - 6/3/13
What they say now
The State Government intends to take further action to improve the state’s finances by deferring the abolition of transfer duty on non–real business assets until budget circumstances allow- Troy Buswell - 15/5/13
31 Jul 2013 - The Barnett Government has reneged on their agreement to allowing tax relief worth $527 million to small business over the next 4 years by stopping the expiry of the tax on the transfer duty of non-real business assets.
The Gallop Government had legislated to abolish the tax on the transfer duty of non-real business assets. Following the election of the Barnett Government in 2008, legislation was introduced to delay the abolition of the tax to 1 July 2013.
The abolition of the tax would have delivered $527 million in tax relief to small business over the next 4 years.
During the State election campaign the Barnett Government confirmed their commitment to lifting the tax burden on small business outlined in ‘The Liberals' Small Business Policy'.
However, on the 15 May 2013 the Treasurer Troy Buswell introduced the Duties Legislation Amendment Bill 2013 into Parliament. The effect of the legislation is to remove the legislated abolition of the tax from the Duties Act which means that the tax will continue to apply. There is no provision in the Act for the tax to be abolished at a later date.