The 2017-18 South Australian State Budget, handed down today (22 June 2017), contains a number of measures relevant to taxes and grants administered by RevenueSA.
The legislative changes to implement these measures (except for the changes to the Job Accelerator Grant which is an administrative scheme) are included in the Budget Measures Bill 2017 (the "Bill") which was introduced into Parliament today. The operation of these measures is subject to the Bill coming into force as an Act.
Measures included in the 2017-18 State Budget are summarised in the table below.
|Job Accelerator Grant payments increased by up to $5000 for businesses that hire apprentices or trainees||
Scheme start date |
1 July 2016
|The off-the-plan stamp duty concession will be extended until 30 June 2018 but will be retargeted so that it no longer applies to foreign purchasers||Stamp Duties Act 1923||22 June 2017|
|A $10 000 grant will be provided to eligible off-the-plan apartment purchasers where the contract is entered into between 22 June 2017 and 30 September 2017||First Home and Housing Construction Grants Act 2000||22 June 2017|
|A five year land tax exemption will apply to eligible apartments bought off-the-plan where the contract is entered into between 22 June 2017 and 30 June 2018||Land Tax Act 1936||Midnight 30 June 2017|
|Payroll tax rate for small businesses lowered to 2.5%||Payroll Tax Act 2009||1 July 2017|
|A major bank levy for major banks offering services in South Australia will be introduced||1 July 2017|
|A stamp duty surcharge of 4% will apply to foreign purchasers of South Australia residential property||Stamp Duties Act 1923||1 January 2018|
The Bill also contains a number of other minor amendments to the Payroll Tax Act 2009, First Home and Housing Construction Grants Act 2000, Taxation Administration Act 1996 and Stamp Duties Act 1923.
For further information on these measures, please visit the State Budget Update page.