2018 Queensland Government Budget Highlights
Jackie Trad the Queensland Treasurer handed down her first Budget on 12 June 2018. While the Government had received significantly more revenue than expected due to mining royalties and increased GST, the Budget can be summed up by: Taxes Up, Spending Up
We have highlighted what we believe are the key issues affecting our clients below:
- Additional Foreign Acquirer Duty more than doubles from 3% to 7% (applies for foreign purchasers of residential property from 1 July 2018)
- Land Tax – Increase where total landholdings exceeds $10 Million - 2.5% (individuals), 2.25% (companies, trustees and absentees) on portion exceeding $10 Million.
- Premium Motor Vehicle Registration – additional 2% for vehicles valued over $100,000
- Gambling Tax – 15% of net wagering revenue from customers in Qld (above $300,000 threshold).
- Waste Disposal Levy $70 / tonne to help fund recycling programs
- $45 Billion in Infrastructure Projects including: Brisbane Cross River Rail, Sunshine Coast Rail Link duplication, M1 Highway Upgrade
- Rebates for land rental and waiving water license fees for drought affected landowners
- Additional funding for Drought relief assistance scheme – including freight subsidies
- Advance Queensland – Additional Funding to help fund a Fortitude Valley Start-up hub, AI, Robots and Drones
- Business Development Fund – Additional funding for co-investment into emerging and high growth Qld businesses
- First Home Buyers Grant reduced to $15,000
- Payroll Tax rebate for apprentices and trainees – extended another 12 months
The above points highlight Government announcements only and have not been legislated. For more information about the Queensland Budget, please review the budget website at https://budget.qld.gov.au/
Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.