Foreign buyers purchasing West Australian homes will be hit with a seven per cent surcharge, almost doubling the planned levy as Treasurer Ben Wyatt prepares to hand down his second budget.
The proportion of dividend imputation cash leaking out of the budget will grow dramatically as the baby boomers age and move into the retirement phase.
The proportion of dividend imputation cash leaking out of the budget will grow dramatically as the baby boomers age and move into the retirement phase.
The fee will apply to overseas buyers purchasing residential property only, with commercial and large residential developments to remain exempt.
It is estimated to raise $123 million in revenue between 2018/19 to 2012/22.
Mr Wyatt said increasing the surcharge from four to seven per cent will help WA's finances and bring it in line with other states.
The levy will kick in January 1.
