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The Treasury (Cost of Living) and Other Legislation Bill
2012 was introduced into Parliament by Queensland Treasurer
Tim Nicholls late last week. If passed, the Bill will give effect
to a number of key election commitments made by the LNP.
Here, special counsel Justin Byrne and solicitor Hannah Byrne
outline the changes introduced by the Bill and how they will affect
Queensland taxpayers.
Key changes
The Bill amends:
the Duties Act 2001 to reinstate the transfer duty
home concession, the previous transfer duty rate structure, and the
previous phasing-out point of $550,000 for the reducing rebate for
the transfer duty first home concession. These changes to duty will
apply for transactions entered into on or after 1 July 2012;
the Payroll Tax Act 1971 to increase the exemption
threshold from $1 million to $1.1 million from 1 July 2012;
the Electricity Act 1994 to freeze the current
standard residential retail electricity tariff at 2011-12 prices
for one year from 1 July 2012; and
the Building Act 1975 and the Property Agents and
Motor Dealers Act 2000 to remove the requirement to prepare
and provide a sustainability declaration prior to the sale of
residential dwellings.
How the Treasury (Cost of Living) and Other Legislation Bill
will affect Queenslanders
The changes introduced by the Bill are part of the LNP
Government's commitment to reducing the cost of living for
Queensland families.
The Bill proposes to reinstate the principal place of residence
concessional rate of transfer duty for the purchase of a home,
which the LNP Government believes will save home buyers up to
$7,000. The concession provides a one percent rate of transfer duty
to the first $350,000, with duty at the general rates applying to
any remaining part of the value of the home.
The increase in the payroll tax threshold means that 90 percent
of Queensland employers will not be liable for payroll tax, and
will save taxpayers $40 million in 2012/13.
The LNP Government also notes that freezing the standard
electricity tariff will help families save around $120 this
year.
The Bill is due to be debated in Parliament on 5 June, and many
of the proposed changes are to have effect from 1 July this
year.
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