On 19 September 2023, New South Wales was the last Australian state to hand down its 2023/24 budget. We outline the key business taxation measures announced in each Australian State and Territory below. Generally speaking, a focus of the measures announced by the States and Territories has been to address cost of living pressures and housing shortages. Victoria and NSW have introduced the most new taxes, with Victoria increasing payroll tax and land tax and NSW announcing an increase to coal royalty rates, replacing the corporate reconstruction exemption with a 90% concession and making various amendments to landholder duty that will increase the amount of duty payable.
Some key announcements in the budgets include:
Click on your state below to view details of the key taxation announcements:
Victoria Queensland South Australia Western Australia Tasmania Australian Capital Territory Northern Territory
The New South Wales government released its budget on 19 September 2023. We outline the key changes here.
On 23 May 2023, the Victorian Government’s budget for the 2023/24 financial year was handed down. The budget’s key highlights can be found here – Recent Victorian tax announcements – what do you need to know?
On 13 June 2023, the Queensland Government’s budget for the 2023/24 financial year was handed down. The budget’s key highlights are:
Payroll Tax
Land Tax
Stamp Duty
On 15 June 2023, the South Australian Government’s budget for the 2023/24 financial year was handed down. The budget’s key highlights are:
On 11 May 2023, the Western Australian Government’s budget for the 2023/24 financial year was handed down. The budget’s key highlights are:
If the eligibility requirements are met and maintained, up to 50% of the taxable value of the land will be exempt from land tax for the next 20 financial years, with proportional reductions for land areas used for other purposes, such as commercial activities.
However, if the eligibility requirements are not met within the first 15 years, the exemption is removed retroactively, and the owner is required to pay the land tax that was previously forgone due to the exemption.
On 25 May 2023, the Tasmanian Government’s budget for the 2023/24 financial year was handed down. The budget’s key highlights are:
Other Announcements
On 27 June 2023, the ACT Government’s budget for the 2023/24 financial year was handed down. The budget’s key highlights are:
Conveyance (Stamp) Duty
On 9 May 2023, the Northern Territory Government’s budget for the 2023/24 financial year was handed down. The budget’s key highlights are:
Every Australian state and territory has now delivered its 2024-25 state budget. We summarise the most notable inclusions.
The rise of digitalisation has undeniably influenced global value chains. This transformation has led to the emergence of new business models associated with app stores, online advertising, cloud...
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.