On 12 June 2018, the Queensland Treasurer, Jackie Trad, delivered the 2018-19 Queensland State Budget.
The Queensland Government has described this Budget as a budget for creating jobs and delivering infrastructure for the fastest growing population in Australia. Further, in the spirit of the jobs economy, the Queensland Government has committed to extending:
- the 50 percent payroll tax rebate for wages paid to apprentices and trainees until 30 June 2019, which can be used as an offset against payroll tax payable on the wages of other employees; and
- the regional Back to Work Scheme, with applications open until 30 June 2020.
However, individuals will feel the pinch with the first home owner’s grant returning to $15,000 from the current $20,000 at the end of the 2018-19 fiscal year after a number of extensions.
From a State taxes perspective, there were no surprises as the revenue measures mentioned below had all been announced well prior to the Budget:
- Point of Consumption Betting Tax – 15 percent point of consumption tax on betting operators from 1 October 2018
- Land Tax increase – 0.5 percent increase to the land tax rate above $10 million
- Additional Foreign Acquirer Duty – increase from 3 percent to 7 percent
- Premium Motor Vehicle Duty – increase to the amount of vehicle registration duty payable on vehicles valued above $100,000 by $2 per $100 of dutiable value
- Waste Disposal Levy – $70 per tonne from the first quarter of 2019, as part of a comprehensive waste management strategy.
FJM 13.6.18
[Qld Govt site: Budget Papers; KPMG, 13/6/18; Tax Month – June 2018]
Study questions (answer available)
- Is the 50% payroll tax rebate being extended to 30 June 2018?
- Is land tax going to be increased 0.5 percentage point increase for land valued above $100m?
- Will the Foreign Acquirer Duty be increased 4% point increase to 8%?
