The SA Legislative Council has voted to strike out the bank levy from the Budget Measures Bill 2017 (SA). Schedule 1 of the Bill had sought to introduce a major bank levy from 1 July 2017 and would have applied to all authorised deposit-taking institutions (ADIs) that offer services in South Australia and were liable for the Commonwealth Government major bank levy.

One day later (2 November), however, the House of Assembly had disagreed to the changes.

The other amendments contained in the Bill do not appear to be affected including:

  • introduction of a tiered payroll tax rate structure from 1 July 2017;
  • reinstate the policy intent on the introduction of the owner-driver exemption within the contractor provisions of the Payroll Tax Act 2009;
  • amend Payroll Tax Act 2009 to reflect changes to income tax legislation relating to the exempt rate for motor vehicle allowances;
  • provide for land to be exempt from land tax for 5 years where that land was subject to an off-the-plan stamp duty concession granted with respect to a contract entered into between 22 June 2017 and 30 June 2018;
  • amend the Stamp Duties Act 1923 to introduce a foreign ownership surcharge on the conveyance or transfer of an interest in residential property to a foreign person, corporation or trust, executed on or after 1 January 2018 (including land holder acquisitions); and
  • extending the off-the-plan stamp duty concession for a further 12 months to 30 June 2018.

[SA Parliament website: Bill Tracker, Bill; LTN 210, 2/11/17; Tax Month Nov 2017]

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