2024-25 ACT Budget

2024-25 ACT Budget

Today, the 2024-25 ACT Budget was handed down by the chief minister for the Australian Capital Territory (ACT).

While the budget provides for measures across all aspects of daily life in the ACT, both now and in the future, an overview of the significant changes in terms of ACT taxes and levies is below.

• PAYROLL TAX: The previously introduced payroll tax surcharge will now commence a year earlier on 1 July 2024 and apply to all large national and multinational businesses operating in the ACT. For businesses with Australia-wide wages above AUD 50 million the surcharge is 0.25% and for businesses with Australia-wide wages above AUD 100 million the surcharge is 0.50%.

• LAND TAX: In addition to changes to the land tax marginal rates, a new AUD 1 million AUV threshold will be introduced in 2024-25.

More information can be found about the broader budget on the ACT Government's website.

Home - Budget 2024-25 (act.gov.au)

Please contact us if you have any questions or would like to further discuss the impacts of the 2024-25 ACT Budget on your business.