The new Queensland Government has indicated that it is moving to address the State's challenging fiscal position in the 2012-2013 budget by both increasing revenues and reducing costs. While most of us would have heard about the reductions in the public sector workforce, there were some other announcements which could possibly have "gone under the radar". These include:
The maximum stamp duty rate that applies above $1m of value will increase from 5.25% to 5.75%
The payroll tax exemption threshold will be increase from $1m to $1.1 m for the 2013 year, with further $100k incremental increases each year until the exemption reaches $1.6m in 2018
This will potentially flow through the economy and result in increases in electricity bills
For more information on the budget, see the Queensland Government website.
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.