Earlier this year, National Cabinet agreed that all jurisdictions would defer their respective state and territory budgets to enable each government to focus on the COVID-19 response effort. Following the Federal Government’s budget, which was delivered on 6 October 2020, most states and territories have now handed down budgets for the 2020/21 financial year. The ACT Government, which was returned to office following the 17 October 2020 ACT election, will hand down its budget early in 2021.
We outline below some of the key taxation measures that have been announced. For the ACT, we have highlighted key policies taken to the elections by the re-elected Labor/Greens coalition. As you may expect, many of the measures announced in the budgets are targeted at providing relief to those heavily affected by the ongoing COVID-19 situation and related disruptions to business. As the COVID-19 crisis unfolded, all jurisdictions implemented immediate, specific relief measures for businesses such as grants, tax waivers and deferrals. Many of these measures continue to be offered to businesses in financial distress due to the pandemic. Highlights of the budgets are:
Click on your state below to view details of the key taxation announcements:
On 24 November 2020, the Victorian Government’s budget for the 2020/21 financial year was handed down. The budget’s key highlights are:
Payroll Tax
Land Transfer (Stamp) Duty
Land Tax
Other Key Announcements
On 17 November 2020, the New South Wales Government’s budget for the 2020/21 financial year was handed down. The budget’s key highlights are:
Stamp (or Transfer) Duty
Proposed transition to a property tax model: The NSW Government has invited community feedback on its proposal to phase out stamp duty to be replaced by an annual property tax. Below is a summary of the key features of the proposed changes.
On 1 December 2020, the Queensland Government’s budget for the 2020/21 financial year was handed down. The budget’s key highlights are:
On 10 November 2020, the South Australian Government’s budget for the 2020/21 financial year was handed down. The budget’s key highlights are:
Stamp Duty
On 8 October 2020, the Western Australian Government’s budget for the 2020/21 financial year was handed down. The budget’s key highlights are:
On 11 November 2020, the Tasmanian Government’s budget for the 2020/21 financial year was handed down. The budget’s key highlights are:
On 17 October 2020, the Labor/Greens coalition government was re-elected. The Government plans to hand down its budget for the 2020/21 financial year in early 2021. Relevant policies which it took to the election include:
Annual rates
On 10 November 2020, the Northern Territory Government’s budget for the 2020/21 financial year was handed down. The budget’s key highlights are:
JobMaker Booster
The Victorian Court of Appeal has entrenched as law a broad meaning of “associated transactions” in its recent decision involving Oliver Hume Property Funds and the Commissioner of State Revenue.
The Full Federal Court has handed down its much-anticipated decision in PepsiCo, Inc v Commissioner of Taxation [2024] FCAFC 86, overturning the decision of the Federal Court.
Over the past two months, every Australian state and territory, with the exception of Tasmania, has delivered its 2024-25 state budget. The ACT was the last so far – on 25 June 2024.