ACT Budget 2024-25

The ACT Budget was handed down. The main tax highlights are:

Housing
The government will reduce the lowest marginal conveyance duty tax rate for home buyers from 0.49% to 0.4%. It will increase the Home Buyer Concession Scheme income eligibility threshold from $170,000 to $250,000, and the additional income allowance per child will increase from $3,330 to $4,600.

Payroll tax
The government will bring forward the introduction of a payroll tax surcharge for large national and multi-national businesses operating in the ACT to 2024/25 and increase the surcharge in 2025/26.

Land tax and short-term accommodation levy
Introduction of a new land tax threshold at $1 million and marginal tax rates will be adjusted in 2024-25. A new Short-Term Rental Accommodation levy will be introduced, to be applied at a rate of 5% of a short-term rental property’s gross revenue, from 1 July 2025.