The Qld Budget 2012-13 was handed down on Tues 11.9.2012. Revenue proposals announced included:
- Transfer duty threshold and rate increases – From passage of the amending legislation, the threshold for the highest marginal rate of transfer duty will increase from $980,000 to $1m. At the same time, the rate applicable to the new higher threshold will increase to 5.75%.
- $15,000 First Home Owner Construction Grant – This Grant will replace the current $7,000 First Home Owner Grant and will be available for first home buyers purchasing a newly constructed or off-the-plan property (valued under $750,000). First home buyers signing contracts for new properties before 12 September 2012 will receive $7,000 and those signing on or after 12 September 2012 will receive $15,000.
- Coal royalties increase – From 1 October 2012, the rate for coal royalties will be increased to 12.5% on the value per tonne between $100 and $150 and to 15% thereafter. The Qld Treasurer Tim Nicholls said the increase will raise some $1.6bn over the next 4 years. Further, Mr Nicholls said there will be no change to the royalty rates for coal for 10 years from 1 October 2012.
- Gaming machine tax changes – The Qld Government will introduce an additional tier in the gaming machine tax rate structure that will increase the gaming machine tax payable by clubs where the monthly metered win is more than $850,000.
Source: Qld Treasurer’s media release, 11 September 2012
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