The Qld Budget 2014-15 was handed down on Tue 3.6.2014. Key Budget announcements include:
- Family primary production business transfer duty concession – from 1 July 2014, the Family Primary Production Concession will be extended. Currently, the concession is limited to lineal descendants, most often this is parent to child. The requirement of a direct lineal descendant will be removed. A family relationship will still be required and the transfer will still need to be by way of gift. The changes aim to provide greater flexibility in succession planning.
- Transitional home land tax exemption – from the 2014-15 land tax year onwards, the Land Tax Act 2010 (Qld) will be amended to provide a new exemption from land tax for land that does not receive a home exemption because the owner is in the process of selling their old home and moving into a new home, where certain conditions are met.
- Payroll tax exemption for Qld Government departments – from 1 July 2014, General Government Sector departments (excluding commercialised business units) and Queensland hospital and health services will no longer be required to pay payroll tax.
Qld Budget Bill introduced
The Revenue Legislation Amendment Bill 2014 (Qld) was introduced into the Qld Legislative Assembly on Tue 3.6.2014, to implement the above Qld Budget 2014-15 proposals, as well as other amendments.
[LTN 105, 3/6/14]
Qld: Budget Bill awaits Royal Assent
The Revenue Legislation Amendment Bill 2014 (Qld) has passed all stages of the Qld Legislative Assembly with 1 Government amendment and awaits Royal Assent. The Bill implements the proposals announced as part of the Qld Budget 2014-15 – this includes amendments concerning: family primary production business transfer duty concession; transitional home land tax exemption; and payroll tax exemption for Qld Government departments. The Bill also contains other amendments. The 1 Government amendment corrects a simple clerical error.
[LTN 110, 11/6/14]
Qld: Budget Bill receives Royal Assent
The Revenue Legislation Amendment Bill 2014 (Qld) on 12 June 2014 received Royal Assent as Act No 35 of 2014. It had passed all stages of the Qld Legislative Assembly with 1 Government amendment. The Bill implements the proposals announced as part of the Qld Budget 2014-15 – this includes amendments concerning: family primary production business transfer duty concession; transitional home land tax exemption; and payroll tax exemption for Qld Government departments. The Bill also contains other amendments.
[LTN 114, 17/6/14]