NSW Budget 2024-2025

NSW Budget 2024-2025

Today, the NSW Budget 2024-2025 was released by the Treasurer.

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

• LAND TAX SURCHARGE: The surcharge rate of land tax for foreign companies, trustees of foreign trusts and absentee owners will increase from 4% to 5%.

• LAND TAX THRESHOLD: The land tax threshold will no longer be indexed with the 2024 tax year thresholds applying to all future years. The 2024 general threshold is $1,075,000 and the premium threshold is $6,571,000.

• SURCHARGE PURCHASER DUTY: The rate of surcharge purchaser duty (applies to residential land acquired by foreign persons) will increase from 8% to 9% from 1 January 2025.

• PAYROLL TAX ON CONTRACTOR GPs: A payroll tax exemption will be introduced in respect of certain contractor general practitioners for liabilities prior to 4 September 2024. From 4 September 2024, a rebate for payroll tax on payments to contractor GPs will be available if the medical centre satisfies certain bulk billing thresholds.

More information can be found about the broader budget on the NSW Government's website. NSW Budget 2024-25 | Latest State Budget of New South Wales

Please contact Scott Pease on (03) 8394 0285 if you have any questions or would like to further discuss the impacts of the NSW Budget 2024-2025 on your business.