Queensland Budget

Queensland Treasurer Jackie Trad set down the 2019 / 2020 Queensland Budget yesterday and there were some changes to payroll tax and land tax to be aware of. For a more complete overview of the budget impacts for small business, click here.

Payroll tax

Small business initiatives include (subject to review of regulations / legislation):

• Increase in the threshold for the application of payroll tax from $1.1 million in taxable wages to $1.3 million;

• A payroll tax rebate for new full time employees of up to $20,000 (as far as it applies to those new employees);

• Reducing payroll tax rate by 1% for regional employers (i.e. employers with 85% of their employees outside of South East Queensland)

• An extension of the rebate scheme for trainees and apprentices

On the flip side, large businesses (payroll above $6.5 million) will have an additional amount to pay.

Land tax

Some changes to land tax were announced however it is not expected to have widespread impact. These changes include:

• Increases in rates for companies or trustees with Queensland land holdings worth more than $5 million;

• Australian citizens and permanent residents will be assessed as residents even if living overseas;

• Absentee surcharge (applying to foreign residents that do not ordinarily reside in Queensland) increased from 1.5% to 2%

• Foreign surcharge of 2% will be applied to foreign companies and trustees with Queensland land holdings of more than $350,000

For full details on the budget, click here.

If there are any budget measures that you think may impact on your circumstances, please contact us on (07) 5504 5700

Cordner Advisory - Your Business Advisory, Accounting & Tax Specialists. Catering for clients all across Australia, from the golden beaches of the Gold Coast and Sunshine Coast to the capital cities such as Brisbane, Sydney and Melbourne