18 June 2019

2019 State & Council Budget Report

The Queensland Government has handed down its budget for the 2019-20 financial year which has included several changes to state taxes set to affect small to large businesses as well as investors. Some of the key changes include:

Payroll tax
The payroll tax exemption threshold will be increased from $1.1m to $1.3m for the 2019-20 financial year.

Regional businesses employing at least 85% of workers locally will receive a 1% discount off their applicable payroll tax rate.

The 50% payroll tax rebate for apprentices and trainees set to expire 30 June 2019 will be extended for a further two years until 30 June 2021.

Land tax
Companies & trustees are set to pay 0.25% more on land holdings over $5m.

The land tax absentee surcharge will increase from 1.5% to 2%

For more information on the budget, see the Queensland Government website.

The Brisbane City Council has also released its 2019-20 budget, with the key item to note being an average of 3.5% increase in rates for commercial property.

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This Newsletter, of necessity, has dealt with matters of a technical nature in general terms only. Clients should contact us for detailed information on any of the items in the Newsletter. No responsibility for loss occasioned to any person acting or refraining from acting in reliance upon any material in this Newsletter can be accepted by any member or employee of the firm.

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