Australia: Tax relief measures in 2024 budget (South Australia)
No new taxes were introduced.
No new taxes were introduced.
The South Australian budget 2024-2025 was delivered on 6 June 2024. No new taxes were introduced, but two relieving measures for existing taxes were announced.
- Firstly, stamp duty (tax) for eligible first home buyers would be eliminated for contracts to purchase a new home or vacant land to build a new home on or after 6 June 2024. The property value cap of AU$650,000 for the First Home Owner Grant, which provides an AU$15,000 government grant, would also be removed.
- Secondly, from 1 July 2024, an exemption from payroll tax would be available on the wages of general practitioners (GPs) related to bulk billed services. The exemption would be calculated based on the proportion of bulk billed items relative to the total number of billed items by GPs. This measure aims to protect current bulk-billed patients and encourage GPs to bulk bill patients.
For more information, contact a KPMG tax professional in Australia:
Dorian Beaver | dorianbeaver@kpmg.com.au
Adrian Ortisi | aortisi1@kpmg.com.au
Anh Tran | atran17@kpmg.com.au
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