The Queensland government announced the 2024-25 state budget on 9 June, 2024. It primarily aims to increase duty and land tax rates for foreign individuals and offer first-time home buyers increased stamp duty exemptions.
As per the policy, first-time home buyers will receive increased concessions on transfer duties for properties valued up to AUD 800,000, an increase from the previous threshold of AUD 550,000. Additionally, the exemption for first-time buyers of vacant land would be raised from AUD 250,000 to AUD 350,000, with a gradual phase-out for properties valued up to AUD 500,000.
These changes will increase the maximum value of the first home concession by AUD 8,600 (to a total of AUD 17,350) and the maximum value of the first home vacant land concession by AUD 3,500 (to a total of AUD 10,675).
A land tax surcharge is imposed on foreign companies, trustees of foreign trusts, and absentee individuals holding land in Queensland. Effective 30 June, 2024, the surcharge rate will rise from 2% to 3% for the 2024-25 land tax year.
This surcharge is in addition to the standard land tax, which can be up to 2.75% for companies and trustees.
The payroll tax rebate of 50% for wages paid to apprentices and trainees will be extended for an additional 12 months until 30 June, 2025.
Starting 1 July, 2024, the eligibility criteria for regional discounts will be revised to exclude businesses headquartered in regional Queensland with annual taxable wages exceeding AUD 350 million.
Starting from 1 July 2024, the AFAD rate for foreign individuals acquiring residential property in Queensland will increase from 7% to 8%.
Effective 1 July 2024, all light vehicles’ registration and traffic improvement fees will be reduced by 20% for 12 months.