The Tax Institute writes regarding our views on the priorities for the Western Australian State Budget 2023–24 (State Budget). The State Budget plays a fundamental role for determining the economic direction of Western Australia’s (WA’s) future, impacting the lives of those who live and work in this community. We are of the view that development of the State Budget can benefit from input from a diverse range of stakeholders whose views and experiences can assist the Government in addressing the most pertinent issues.
The Tax Institute is the leading professional body for the tax community in Australia. We have consulted with our WA State Taxes Committee to deliver a submission that outlines a key issue related to tax and duty that we consider should be prioritised by the Government in the upcoming State Budget.
The Tax Institute is of the view that the Government should abolish transfer duty (stamp duty) on the acquisition of business assets. This will demonstrate the Government’s commitment to supporting businesses grow by removing the significant financial burden that transfer duty imposes. Abolishment of transfer duty on business assets will improve the attractiveness for investment in WA, increase job opportunities for WA workers and reduce administration costs for the Government.