The Premier, The Hon Mark McGowan and the Minister for Finance, The Hon Sue Ellery, announced the introduction of the Build to Rent land tax exemption.
The Build to Rent exemption aims to increase the availability of rental properties in Western Australia, by providing a 50% exemption from land tax for up to 20 years for eligible developments.
The exemption will apply to developments that contain at least 40 self-contained dwellings available for three-year residential leases; are owned by the same owner or group of owners and will be managed by the same management entity; and are completed between 12 May 2022 and 1 July 2032.
Eligible land will receive an exemption of up to 50 per cent of the taxable value of the land for 20 consecutive assessment years from the first year the development meets the requirements.
The exemption will be available from the 2023/2024 assessment year. The legislation received Royal Assent on 15 May 2024.
