The following legislative instruments were notified on 30 June 2014:
- Taxation Administration (Amounts and Rates – Payroll Tax) Determination 2014 (No 1) – This instrument determines the threshold for the payment of ACT payroll tax under the Payroll Tax Act 2011 (ACT) commencing on 1 July 2014. It increases the annual Australia-wide wages threshold from id=”mce_marker”,750,000 toid=”mce_marker”,850,000 and the monthly threshold from id=”mce_marker”45,833.33 to id=”mce_marker”54,166.66. It also determines the rate used to calculate payroll tax on the total wages paid or payable in excess of the monthly threshold of id=”mce_marker”54,166.65 (id=”mce_marker”,850,000pa) at 6.85%. This rate remains unchanged from the 2013-14 financial year.
- Taxation Administration (Amounts Payable – Duty) Determination 2014 (No 2) – This instrument implements the next stage of the ACT Government’s reforms to insurance duty, by further reducing the duty payable on insurance premiums by 20%.
- Taxation Administration (Land Tax) Determination 2014 (No 1) – This instrument determines the rates for the calculation of land tax for residential land, for s 9(4) of the Land Tax Act 2004 (ACT). It also supports the ACT Budget 2014-15 proposal to introduce a new structure for land tax calculation (ie a fixed charged component and lower marginal rating factors). Note that legislative amendments currently before the ACT Legislative Assembly (the Land Tax Amendment Bill 2014 (ACT)) will include the fixed charge component of land tax into the Land Tax Act.
The legislative instruments commenced on 1 July 2014.
[LTN 125, 2/7/14]