The SA Budget 2013-14 was handed down on Thur 6.6.2013.
- SA Premier and Treasurer Jay Weatherill confirmed his earlier announcement of a temporary payroll tax rate for employers with taxable payrolls up to id=”mce_marker”.2m. A concessional tax rate of 2.5% will apply to annual taxable payrolls of $600,000 to id=”mce_marker”m. The concession will phase out to the ordinary payroll tax rate of 4.95% for annual taxable payrolls between id=”mce_marker”m and id=”mce_marker”.2m. The concessional rates will be available between 1 July 2013 and 30 June 2015 (inclusive). The concession will be by way of a payroll tax rebate.
- The Budget also proposes a stamp duty exemption for all eligible corporate reconstructions that occur from 1 July 2013.
- Mr Weatherill also confirmed the SA Government’s earlier announcement that it would extend the $8,500 Housing Construction Grant for a further 6 months to eligible new home purchase contracts entered into until 31 December 2013.
- In addition, the Budget also announced the extension of the scope of land tax exemptions available for land used for sporting, recreational and community based activities to a wider range of not-for-profit community associations that provide services or support to the community. The extension will apply to land held from 30 June 2013.
RevenueSA has issued Information Circular 56 which provides an overview of the Budget measures and Revenue Ruling PTASA002 which sets out further information in relation to the proposed payroll tax rebate for small businesses.
[LTN 108, 6/6/13]