Revenue Legislation Amendment Bill 2023
Bill Story
The journey of this bill through Parliament, including debate and recorded votes.
Referred to Economics and Governance Committee
Announced LNP support for the Revenue Legislation Amendment Bill provisions including build-to-rent tax concessions, land tax exemption improvements, and regional payroll tax concessions, while criticising the government for being slow to act.
“Obviously we will be supporting the revenue measures here tonight in respect of build-to-rent and also the amendments to the land tax concessions and the regional payroll tax concession.”— 2023-06-16View Hansard
Plain English Summary
Overview
This bill implements 2023-24 State Budget revenue measures affecting land tax, stamp duty, and payroll tax. It creates major tax concessions for build-to-rent housing developments that include affordable housing, extends payroll tax relief for regional employers and apprentice wages, and simplifies land tax administration for homeowners.
Who it affects
Property developers building rental housing with affordable units gain significant tax savings. Regional employers and businesses with apprentices continue to receive payroll tax relief. Homeowners benefit from simplified land tax exemption processes.
Build-to-rent housing tax concessions
Creates substantial tax concessions for developers who build rental housing with at least 10% of dwellings offered at discounted rents to eligible tenants. Concessions last up to 20 years and include land tax reductions and stamp duty exemptions for foreign investors.
- 50% land tax reduction for eligible build-to-rent developments
- 100% exemption from the foreign investor land tax surcharge
- 100% discount on additional foreign acquirer duty for property purchases
- Developments must include at least 50 dwellings with 10% at 25% below market rent
- Concessions available for developments becoming operational between July 2023 and June 2030
Land tax simplification for homeowners
Removes the requirement for homeowners to apply for land tax exemptions when the Commissioner already has enough information to verify eligibility. Homeowners must still notify the Commissioner if an exemption is incorrectly applied.
- Home exemptions can be applied automatically without an application
- New obligation to notify the Commissioner within 30 days if an exemption is incorrectly applied
- Failure to notify may result in penalty tax and interest
Regional and apprentice payroll tax relief
Extends existing payroll tax concessions that support regional employment and skills training. Regional employers continue to receive discounted rates, and the rebate for apprentice and trainee wages is extended for another year.
- 1% payroll tax discount for regional employers extended to 30 June 2030
- 50% payroll tax rebate for apprentice and trainee wages extended to 2023-24
Tax refund law changes
Clarifies that taxpayers cannot pursue tax refunds through common law court actions. Refunds must be sought through the statutory objection and appeal process under tax legislation.
- Common law rights to pursue tax refunds are extinguished
- Existing court proceedings can continue under previous law
- Statutory objection, review and appeal processes remain available