The Queensland Government has handed down its budget for the 2019-20 financial year which has included several changes to state taxes set to affect small to large businesses as well as investors. Some of the key changes include:
Payroll tax
The payroll tax exemption threshold will be increased from $1.1m to $1.3m for the 2019-20 financial year.
Regional businesses employing at least 85% of workers locally will receive a 1% discount off their applicable payroll tax rate.
The 50% payroll tax rebate for apprentices and trainees set to expire 30 June 2019 will be extended for a further two years until 30 June 2021.
Land tax
Companies & trustees are set to pay 0.25% more on land holdings over $5m.
The land tax absentee surcharge will increase from 1.5% to 2%
For more information on the budget, see the Queensland Government website.
The Brisbane City Council has also released its 2019-20 budget, with the key item to note being an average of 3.5% increase in rates for commercial property.