The Treasury (Cost of Living) and Other Legislation Amendment Bill 2012 (Qld) was introduced into the Qld Legislative Assembly on 17 May 2012. The Bill proposes to implement a number of the Qld Government’s election commitments. It proposes to amend the Payroll Tax Act 1971 (Qd) to increase the payroll tax exemption threshold from $1m to $1.1m from 1 July 2012. The Qld Government said this implements the first stage of its commitment to increase the payroll tax threshold from $1m to $1.6m over 6 years.
The Bill also proposes to amend the Duties Act 2001 (Qld) to reinstate the transfer duty home concession, the previous transfer duty rate structure and previous phasing-out point of $550,000 for the reducing rebate for the transfer duty first home concession for transactions entered into on or after 1 July 2012. Broadly, the Bill restores the relevant provisions of the Duties Act to how they existed prior to 1 August 2011.
[LTN 96, 21/5]