an increase in payroll tax-free thresholds (from $700,000 to $900,000 from 1 July 2024 and to $1,000,000 from 1 July 2025), though the benefit of these thresholds will be reduced for businesses with wages between $3 million and $5 million (with no tax-free threshold for business...
The absentee owner surcharge (AOS) land tax rate, currently 1.5% of the taxable value of the relevant land, will increase to 2% (giving a total top land tax rate of up to 4.25% p.a., up from 3.75%). Importantly, unlike FPAD, the AOS generally applies to all types of land, n...
We have also increased the payroll and land tax thresholds that free up many small businesses from the burden of payroll and land taxes altogether. Overall we have reduced business taxes by more than $1 billion since taking office in October 1999. On the technology front, one of the most...
It is not presently clear whether the concession will still apply to purchasers who intend to live in the property, where the dutiable value is above these thresholds. This is a key issue and we eagerly await the release of the Bill...