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Australia: Real property tax proposals in 2024-2025 budget (Australian Capital Territory)

The Australian Capital Territory government released its 2024-2025 budget focused on housing affordability and concessions for the disadvantaged.

June 27, 2024

The Australian Capital Territory (ACT) government on June 25, 2024, released its 2024-2025 budget focused on housing affordability and concessions for the disadvantaged.

Proposed tax measures relating to this include:

  • Restoration of tax rates for all commercial properties from 2025-2026, reversing a freeze in rates for properties valued at $2 million* or less as part of the government’s COVID-19 response
  • Introduction of a short-term rental accommodation levy of 5% of the property’s gross income from July 1, 2025
  • Various housing duty concessions relating to affordability, including:
    • Reduction to the lowest marginal conveyance duty tax rate for owner occupiers to 0.4% (from 0.49%)
    • Increased income eligibility thresholds for the home buyer concession scheme with relaxed criteria for people fleeing domestic or family violence
    • Introduction of a severe disability duty exemption
    • Introduction of a pensioner duty concession scheme targeted to downsizing
    • Increased value caps for off-the-plan concessions

*$=Australian dollar

For more information, contact a KPMG tax professional in Australia:

Dorian Beaver | dorianbeaver@kpmg.com.au

Tessa Livingston | tlivingston1@kpmg.com.au

Rohana Salita | rsalita@kpmg.com.au

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