Queensland Budget 2024-2025

6/11/20241 min read

Queensland Budget 2024-2025

The Queensland Budget 2024-2025 has been released by the Treasurer.

While the budget provides for measures across all aspects of daily life in Queensland, both now and in the future, an overview of the significant changes in terms of Queensland 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 2% to 3%. This will bring the top annual land tax rate for such owners to 5.75%.

  • ADDITIONAL FOREIGN ACQUIRER DUTY: The rate of AFAD (which is levied on foreign buyers of residential property in Queensland) will increase from 7% to 8%.

  • PAYROLL TAX REGIONAL DISCOUNT: The eligibility criteria for the regional payroll tax discount will be tightened to exclude businesses with annual taxable wages of more than $350m. The amendments to affect this measure contained in the Revenue and Other Legislation Amendment Bill 2024, apply the test at an entity basis (rather than on a grouped basis) and apply to Queensland rather than Australian wages. It is widely reported that this measure will solely affect the mining giant Glencore, at a cost of $20m over the next four years.

  • PAYROLL TAX REBATE: The 50% rebate for exempt apprentice or trainee wages will be extended for another year until 30 June 2025.

  • TRANSFER DUTY: The eligibility thresholds for the first home concession will be extended to include properties valued up to $800k where the discount is phased out between $700k and $800k.

  • MOTOR VEHICLE REGISTRATION FEE: The annual registration fee and traffic improvement fee components of motor vehicle registration for all light vehicles will be discounted by 20% for 12 months. This is in addition to the freezing of indexation of the registration fee for all vehicles in FY25.

More information can be found about the broader budget on the Queensland Government's website. Queensland Budget 2024-25

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