Higher Surcharge Purchaser and Land Tax Rates for Foreign Persons
Revenue Legislation Amendment Bill 2024
1st House
2nd House
Law
Links to official parliament websites
Effects of this bill
If this bill passes, it means that:
Foreign persons pay a 9% surcharge purchaser duty rate for acquisitions on or after 1 January 2025
Foreign persons pay a 5% surcharge land tax rate on residential land owned at midnight on 31 December
The land tax threshold is set at $1,075,000; the premium rate threshold is $6,571,000
Employers of general practitioners get a payroll tax rebate for wages paid on or after 4 September 2024; this applies if the GP bulk bills most of their patients
Wages for general practitioners paid before 4 September 2024 are exempt from payroll tax
The Treasurer can transfer money between certain government funds
The Treasurer must review land tax thresholds by 1 June 2027; a report must be tabled in parliament
Topics
foreign investment general practitioners healthcare employment land tax payroll tax property tax