Today, the 2024-25 Tasmanian Budget was handed down by the Deputy Premier and Treasurer.
While the budget provides for measures across all aspects of daily life in the Tasmania, both now and in the future, an overview of the significant changes in terms of Tasmanian taxes and levies is below.
PAYROLL TAX: Payroll Tax Rebate Scheme which provides payroll tax relief to businesses operating in Tasmania that employ apprentices, trainees and youth employees has been extended to 30 June 2025 and applies to all new apprentices and trainees employed before that date. The payroll tax rebate is provided for a two‑year period from the date that apprentices and trainees are employed and one year from the date that youth employees are employed.
LAND TAX: An increase to the land tax-free threshold by $25,000 from $99,999 to $124,999.
More information can be found about the broader budget on the Tasmanian Government's website.
2024-25 Tasmanian Budget | Treasury and Finance Tasmania
Please contact us if you have any questions or would like to further discuss the impacts of the 2024-25 Tasmanian Budget on your business.