Rice Legal
  • home
  • our difference
  • our focus
  • about fees
  • contact us
  • legal

2011-12 State Budget - Changes to various duties & grants

15/6/2011

0 Comments

 
According to the Qld Office of State Revenue, the 2011–12 State Budget  introduces a number of significant changes to Queensland’s revenue laws, including:

Queensland building boost grant

The $10,000 Queensland building boost grant (QBBG) is available to any person or corporation buying or building a new home to live in or to rent out for investment purposes. The QBBG will be available for homes less than $600,000 from 1 August 2011 to 31 January 2012.

Transfer duty home concession

The home concession for transfer duty will cease on 31 July 2011. The concession is currently available to people who are not first home buyers 
but purchase a home to live in as their principal place of residence. 

New transfer duty rates

The transfer duty rate structure will be revised in light of the removal of the home concession. The new structure will ensure that the transfer duty payable on a home will continue to be lower in Queensland than under the standard rate in any other mainland Australian state. The rate changes commence from 1 August 2011.

First home and first home vacant land transfer duty concession

The first home transfer duty concession and first home vacant land concession continue to apply. However, the concession rates will be revised in light of the removal of the home concession. In particular, the concession will reduce for values from $500,000 to $600,000 against duty at the standard rate. These changes commence from 1 August 2011.

Regional first home owner grant

The standard $7,000 first home owner grant will continue to apply. However, the regional first home owner grant will cease on 30 June 2011. This grant currently provides an additional $4,000 for the purchase of a new home in regional Queensland by a first home buyer.

Land tax cap

The 50% cap on the annual increase in land values for land tax purposes 
will continue to apply for 2011–12 land tax assessments.

Payroll tax—apprentice and trainee rebate

The payroll tax rebate of 25% of the eligible wages of apprentices and trainees has been extended to the 2011–12 financial year.

Landholder duty

Landholder duty replaces Queensland’s land rich duty from 1 July 2011. It will apply to the acquisition of 50% or more of an unlisted company or 90% or more of a listed company or listed unit trust holding land in Queensland worth $2 million or more.

Royalties—change in revenue administration

As part of the government’s move to centralise revenue collection, responsibility for mineral and petroleum royalty administration will transfer from the Department of Employment, Economic Development and Industry to OSR from 1 July 2011. Revenue collection will also change from quarterly to monthly collections in 2012, with implementation to be undertaken in consultation with the mining industry.

For further information, please contact DC Lawyers on 07 3009 5430.



0 Comments

    Rice Legal

    Leading Brisbane bilingual law firm

    Archives

    July 2013
    October 2012
    September 2012
    April 2012
    February 2012
    October 2011
    July 2011
    June 2011
    March 2011
    February 2011

    Categories

    All
    Billing
    Change Name
    Charity
    Contractors
    Conveyance
    Conveyancing
    Dc Lawyers
    Duties
    Duty
    Employment
    Fees
    Gst
    Land Development
    Mining
    Not-for-profit
    Osr
    Property
    Superannuation
    Tax
    Trust

    RSS Feed

Powered by Create your own unique website with customizable templates.
  • home
  • our difference
  • our focus
  • about fees
  • contact us
  • legal