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Joined: Mar 2006
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Location: Sydney NSW
Karma: 517 |  | Queensland Budget
« Thread Started on Jun 3, 2008, 4:48pm » | |
FIRST homebuyers will be one of the big winners with a Robin Hood strategy of taking from the rich to fund stamp duty relief.
The State Government will lift the threshold at which stamp duty will apply for first home owners from $320,000 to $500,000 by September 1.
According to Queensland Treasurer Andrew Fraser the savings will be worth $9800 on a home worth $500,000, well above the current median price for a house in Brisbane of $425,000.
Other resident homebuyers will benefit with an increase in the level at which stamp duty concessions apply from $320,000 to $350,000. The saving will be about $750.
Mr Fraser said the result of the improved concession was that homebuyers would pay $7175 less than buyers who do not receive the concession.
However wealthier home buyers will end up paying more with increases in stamp duty for homes above $1,000,000. A $2 million home will now cost another $7500 in stamp duty.
Land tax will also be reduced with the amount payable at the $600,000 threshold reduced from $1200 to $500, benfitting about 15,000 taxpayers.
Companies and absentee land owners will also benefit with a reduction in the tax payable falling from $2250 to $1450.
However, because land values have increased so much in recent years, the Government will still earn an additional $175 million in revenue from the tax next financial year.
Mr Fraser said Queensland had enjoyed a decade of prosperity, but not everyone had benefitted.
"Scores of younger Queenslanders have been locked out of the property market simply because it has risen beyond their reach," he said.
After hitting the mining industry with big increases in coal royalties that will triple the amount it earns from the industry, the Government will hand back a fraction to business through payroll tax reform.
Companies with a payroll of between $1 million and $5 million will receive concessions costing about $20 million and affecting about 6800 businesses.
However, the Government expects continued job growth to increase its payroll tax collection by 9 per cent.
Mortgage duty will also be finally abolished from July 1 after a phased decrease since 2005-06.
The abolition of the tax will be six months earlier than previously announced.
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