Payroll Tax Relief Package
Qld Government proposes the following measures:
- Increase in the payroll tax threshold from $1,100,000 to $1,300,000.
- Sliding scale reduction where total Australian taxable wages are less than $6,500,000
- Increase in payroll tax rate for employers with taxable wages above $6,500,000, was 4.75% now 4.95%
- A 1% discount on the payroll tax rate to employers that have an ABN registered business address in regional areas and at least 85% of their taxable wages paid to employees located in Regional Queensland
- 50% payroll tax rebate on wages of apprentices and trainees until 30 June 2021.
Land tax increase for domestic corporations and trust
A 0.25% land tax increase was announced for domestic corporations and trusts that have a combined land holding value of > $5 million.
Corporations and trustees with a combined land holding value of $10 million or more will be subject to a top effective rate of up to 2.75%.
This change applies at midnight on 30 June 2019.
Foreign land tax surcharge increased to 2%
The additional foreign purchaser land tax surcharge rate will increase from 1.5% to 2.0%. This will apply to absentees who hold land as at 30 June 2019.
Foreign corporations and trusts land tax surcharge
Qld Government proposes to extend the land tax absentee surcharge to foreign corporations and trustees of foreign trusts. Under the proposed change, foreign corporations and trustees of foreign trust will be subject to an effective top land tax rate of up to 4.75%.
Land tax surcharge no longer to apply to Australian citizens and residents
The Qld land tax surcharge will no longer apply to Australian citizens and resident individuals who reside overseas.
Petroleum royalty rate increase
The petroleum royalty rate will increase from 10% to 12.5% from 1 July 2019.
- $6million over two years for the Made In Queensland Program, which supports Queensland’s manufacturing sector in adopting innovative processes and technologies to increase global competitiveness.
- Additional $25million for the Jobs and Regional Growth Fund to support new projects, create new jobs and fuel economic opportunities outside South East Queensland.
Date of Issue: 13 June 2019
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