Revenue Legislation Amendment Bill 2018
Bill Story
The journey of this bill through Parliament, including debate and recorded votes.
Referred to Economics and Governance Committee
Vote on a motion
The motion was agreed to.
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Ayes (49)
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That the question be put
The motion passed.
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▸7 clause votes (all passed)
Vote on clause 12
The clause was kept in the bill.
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Vote on clause 13
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Ayes (48)
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Vote on clause 14
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Vote on clause 15
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Vote on clause 5
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Vote on clause 6
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Vote on clause 7
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Plain English Summary
Overview
This bill implements several 2017-18 state budget measures and election commitments affecting property duty, vehicle registration, first home buyer grants, land tax, payroll tax, and mining royalties. It increases taxes on foreign property buyers and luxury vehicles while extending benefits for first home buyers and employers of apprentices.
Who it affects
Foreign property buyers pay significantly more duty, luxury vehicle buyers pay extra duty, first home buyers benefit from an extended grant, large landholders pay more land tax, and employers of apprentices continue receiving payroll tax rebates.
Property and vehicle duties
The bill increases the foreign acquirer duty on residential property from 3% to 7% and introduces an additional $2 per $100 duty on vehicles valued above $100,000.
- Foreign acquirer duty on residential property more than doubled from 3% to 7%
- New luxury vehicle duty of $2 per $100 for vehicles valued above $100,000
- Heavy vehicles and special vehicles exempt from the luxury duty
First Home Owner Grant
The $20,000 first home owner grant (temporarily increased from $15,000) was extended for another six months to 30 June 2018.
- Grant extended at $20,000 for contracts signed between 1 January and 30 June 2018
- Applies to purchases of new homes only
- Gives legislative effect to administrative arrangement already in place
Land tax changes
Land tax rates increased for large landholdings and the primary production exemption was modernised to better reflect contemporary farming practices.
- New top marginal rate of 2.25-2.5% for landholdings above $10 million
- Primary production exemption updated from 'agriculture, pasturage or dairy farming' to 'primary production'
- New online portal for receiving land tax notices electronically
Payroll tax and mining royalties
The 50% payroll tax rebate for apprentice and trainee wages was extended, and mineral royalty assessment provisions were clarified for historical periods.
- 50% payroll tax rebate extended for a further 12 months to 30 June 2019
- Clarified that pre-2014 mineral royalty assessments are valid and can be reassessed
- Enabled retrospective gross value determinations for minerals sold before September 2013