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    1. Home
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    3. 2012
    4. Queensland State Budget 2012-13

    Queensland State Budget 2012-13

    05 Jun 2012

    2012

    • Executive remuneration disclosure proposals for listed companies
    • Get Started on Expense Management Today
    • Public Sector Reform, Getting the Balance Right
    • Australian Charities and Not-for-profits Commission commenced on 3 December 2012
    • Corruption in sport: Do you really know how clean your organisation is?
    • Crisis Recovery cover
    • Superannuation Tax update: SuperStream
    • Superannuation Tax update: SuperSeeker enhancements
    • Superannuation Tax Update: Other tax changes effective from 1 July 2012
    • 2012-13 Federal Budget update
    • Group Protection
    • Administration - Clearing House services
    • Super system review - Progress to date
    • Tax Alert: Queensland miners further targeted in changes to state mining taxes
    • Tax Alert: ATO guidance released on margin scheme valuations
    • Tax Alert: Superannuation Do's and Dont's
    • Queensland State Budget 2012-13
    • Tax Alert: “Son of Hold-back" Arrangements
    • Tax Alert: Living Away From Home (LAFH) new law and ATO publishes reasonable food allowances
    • Indirect Tax Update: October 2012
    • Tax Alert: Australia’s new transfer pricing rules – Stage 1
    • Transfer Pricing Alert: Stage 2 Reform Exposure Draft Released

    The Newman Government today, 4 June 2012 brought down its first State Budget.

    Need to Know

    Against a backdrop of falling State revenues, the Costello Commission of Audit Report and increasing costs including interest to service a ballooning State debt, the headline items from the Budget are:

    • Fiscal deficit in 2012–13 of $10.768bn, and fiscal deficit of $3.752bn in 2013–14 
    • Fiscal surplus of $652 million in 2014-15 
    • Debt to stabilise at $81.7bn instead of $86.3bn in 2014-15 
    • Interest payments over the forward estimates of $1.3bn  
    • GST revenue increases in 2012–13 by $986m to $9.667bn 
    • Economic growth of 4%  
    • Unemployment to fall across the forward estimates

    The Good

    • Reinstate the principal place of residence concessional rate of stamp duty 
    • $15,000 First Home Owner Construction Grant for people buying their first home either off the plan or newly constructed  
    • Increase in payroll tax threshold from $1 million to $1.1 million in 2012-13, with further increases of $100,000 each year until it reaches $1.6 million on 1 July 2017  
    • Freeze on car registration fees for more than 2.5 million family vehicles  
    • $200 million over two years to fund up to $160,000 to state school P&C’s to assist in fixing school’s maintenance backlog  
    • Minor stamp duty exemption for junior explorers for “farm-in” arrangements, scope and technical characteristics yet to be designed (but query how much relief will be given if only expected to cost $5 million?)

    The Bad

    • If it’s not good, it seems to be ugly…

    The Ugly

    • Full time employee losses in the public service will be 14,000. Redundancies will cost $800 million  
    • Royalty rate for coal to raise by a quarter for coal sold above $100/tonne (to 12.5%), and by a half where coal sold above $150/tonne (to 15%) – against falling coal prices expected to raise $1.6bn over 4 years 
    • A 0.5% increase in stamp duty for transfers of properties over $1m

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