The government of South Australia announced the state budget for 2024-25 on 6 June, 2024. This year’s budget includes several significant changes without introducing new taxes.

However, the government announced tax relief measures for first-time home buyers, and general practitioners (GPs).

Stamp duty relief for first-time home buyers: Elimination of property value thresholds

In the 2024-25 budget, stamp duty for eligible first-time home buyers will be abolished for contracts signed on or after 6 June, 2024, for purchasing new homes or vacant land intended for building a new home.

Previously, no stamp duty was payable on purchasing an eligible new home valued up to AUD 650,000, with relief phasing out for properties valued up to AUD 700,000.

For the purchase of vacant land to build a new home, no stamp duty was payable for vacant land valued up to AUD 400,000, with relief phasing out for land valued up to AUD 450,000.

First home owner grant: Elimination of property value cap

A proposal has been made to eliminate the property value cap of AUD 650,000 for contracts entered into on or after 6 June, 2024. The First Home Owner Grant (FHOG) offers eligible buyers an AUD 15,000 grant to help with the purchase cost of a new home.

Payroll tax: Bulk billing exemption for GPs

General practitioner wages linked to bulk billed services will be exempt from payroll tax, effective from 1 July 2024. This exemption aims to incentivise general practitioners to bulk bill patients. Furthermore, an amnesty on wages paid to certain general practitioners and other medical service providers up to 30 June 2024 will be enacted.