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  1. Grant Thornton Australia | Audit, Tax and Advisory
  2. Client alerts
  3. 2020
  4. Tasmanian Budget outlines infrastructure-led recovery

Tasmanian Budget outlines infrastructure-led recovery

13 Nov 2020
  • Tasmanian Budget outlines infrastructure-led recovery

Premier and Treasurer Peter Gutwein said this was the most important budget he will ever hand down as he outlined record spending for infrastructure, health and education.

While Tasmania has the best record of all Australian States and Territories of no reported cases of COVID-19 – with 93 days of 0 cases as of Friday, 13 November, the economy has still been greatly impacted by border closures and the national impacts of the pandemic.

Net debt is predicted to reach a record $4.3b in the next four years, with the Treasurer predicting the State will return to the black in 2022-23 with a modest $14m surplus.

Key highlights

  • $5b infrastructure program – including previously announced infrastructure projects
  • $9.8b for health over four years
  • $23m for a health technology and digital health transformation package
  • $7.5b for education over four years
  • $22m to boost jobs for apprentices and young people
  • $2.5m to enable more women to participate in non-traditional jobs
  • $80m over four years for national parks

Payroll Tax

The Budget highlights several new and existing payroll tax relief measures which are designed to support businesses through the COVID-19 pandemic and with the further intention of supporting youth employment.

  • Prior to this Budget, and in direct response to the COVID-19 pandemic this year:
    • Payroll tax was waived for those operating in industries viewed as being most affected by COVID-19, such as hospitality, tourism and the seafood industry.
    • Payroll tax was waived in FY19-20 for those businesses (with an annual payroll of up to $5million in Australian wages) that had been impacted by the COVID-19 pandemic.
    • JobKeeper payments were not liable to payroll tax.
  • The existing targeted payroll tax rebate will continue to be available for new apprentices and trainees employed in specific industries between 1 July 2019 and 31 December 2020. In addition, a broader payroll tax rebate will be available for all industries for new apprentices and trainees between 1 January 2021 and 30 June 2022.
  • The current 1 year rebate of payroll tax for youth (persons aged 24 or under) from the date of employment expiring on 31 December 2020 is being extended to 30 June 2022.

Land Tax

  • In the previous budget, the government expressed an intention to introduce a foreign investor land tax. However, there is no further update in the FY20-21 budget.
  • For those businesses that have been negatively impacted by the COVID-19 pandemic, a land tax exemption was introduced for FY20-21, provided the commercial land was owned at 1 July 2020.

For more information, please contact:

Steven Paterson
Steven Paterson
Partner Sydney
Email address https://www.linkedin.com/in/stevenpaterson/ Steven Paterson VCard
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Nick Mellos
Nick Mellos
Office Chair - Melbourne Melbourne
Email address Nick Mellos VCard
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