Business News
Developers will be able to access a 75 per cent land tax exemption under the latest state government move to increase the number of rental properties in Western Australia.
Lifting the current 50 per cent exemption for certain criteria, Treasurer Rita Saffioti, Housing Minister John Carey and Finance Minister David Michael, said the new incentive for build-to-rent projects would be the most generous in the country.
“Large scale build-to-rent developments are an emerging model of housing in Western Australia, where apartments are being developed for the purpose of renting rather than being on sold,” Mr Michael said.
He said the qualifying period for the 75 per cent exemption will now be set at five years for developments completed between 2025-26 and 2029-30.
The 75 per cent land tax exemption is applied for 10 years after completion.