Over the past two months, every Australian state and territory, with the exception of Tasmania, has delivered its 2024-25 state budget. The Australian Capital Territory (ACT) was the last so far – on 25 June 2024. The Tasmanian budget is scheduled to be handed down in September. In this snapshot, we outline the key business taxation measures announced and identify key changes announced in previous budgets that commence on 1 July 2024.
Several notable inclusions in the 2024-25 budgets include:
Click on your State or Territory below to view its specific new tax measures for the 2024-25 financial year.
VIC | WA | NT | SA | QLD | NSW | ACT
In chronological order of delivery date
Victoria delivered its 2024-25 budget on 7 May 2024. In contrast to recent budgets where the government has announced the introduction of significant new taxes (e.g. the commercial and industrial property tax and the windfall gains tax), this budget was much less eventful.
Key business and taxation highlights from the 2024-25 Victorian budget and new measures previously announced which commence in 2024-25 include the following.
Payroll tax
Land tax
Stamp duty
Commercial and industrial property tax
Other announcements
Waste levy increase: Victoria’s metropolitan industrial and municipal waste levy will be increased to $169.79 per tonne from 1 July 2025 (up from $129.27). The increase in levy rate harmonises the levy with New South Wales and South Australia.
WA handed down its 2024-25 budget on 9 May 2024. This budget did not include any major changes to the state’s revenue collection initiatives. Key highlights were modifications to the stamp duty exemption threshold for first home buyers and incentive payments to landowners to convert their short-term rental properties to long-term.
The NT delivered its 2024-25 budget on 14 May 2024.
SA handed down its budget for 2024-25 on 6 June 2024. The key highlights are outlined below.
Queensland delivered its 2024-25 budget on 11 June 2024. We summarise the key business and taxation measures below.
18 June 2024 was the day New South Wales (NSW) delivered its 2024-25 budget. The key business and taxation measures include the following.
The Australian Capital Territory (ACT) budget was announced on 25 June 2024. Here’s what you need to know about the main business and taxation measures.
If you have any questions or comments about how the above measures might affect your business, please contact Kathryn Bertram from the JWS Tax team.
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