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follow Patrick 2018 May 13, 3:49pm
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SYDNEY, May 10 (Xinhua) -- A surcharge on foreign purchases of homes in Western Australia will be raised from 4 to 7 percent, in line with the state's latest budget rollout, authorities said on Thursday.The surcharge applies to "all purchases of residential property by foreign individuals and entities" from Jan 1, 2019, according to a government statement.The move, estimated to raise 123 million Australian dollars in revenue over the period of 2018-19 to 2021-22 puts Western Australia "on par" with New South Wales, Victoria, South Australia and Queensland states "for all foreign ownership of residential property.""Importantly, this decision increases a surcharge that will only apply to foreign investors. Western Australian households and businesses will not pay the surcharge," the state's Treasurer Ben Wyatt said.