Changes for 2024-25
19 June 2024
Community Assistance
Electricity, Gas and Water Rebate
- The rebate (formerly the Utilities Concession) will increase by $50 for a total rebate of $800 in the 2024-25 financial year. This will be applied as a daily rate. See www.revenue.act.gov.au/cost-of-living-support/electricity-gas-and-water-rebate.
Taxi Subsidy Scheme
- The subsidy cap per taxi trip is increased by 3.25 per cent and will be indexed to legislated taxi fare increases going forward. See www.revenue.act.gov.au/cost-of-living-support/taxi-subsidy-scheme.
Life Support Rebate
- The rebate is increased from $128 to $150. See www.revenue.act.gov.au/cost-of-living-support/life-support-rebate.
Apprentices and trainees
- In 2024-25, apprentices and trainees will receive a one-off payment of $250 to assist with cost-of-living pressures. Further details will be provided to eligible recipients.
See www.revenue.act.gov.au/cost-of-living-support/apprentices-and-trainees-payment
Taxation
Duty & Concessions
Conveyance duty*
*Also known as stamp duty.
- Residential owner occupiers see a reduction in the duty rate for property values up to $260,000 to $0.40 per $100 or part of thereof (from $0.49 per $100 or part of thereof). See www.revenue.act.gov.au/rates-and-property-charges/conveyance-duty-stamp-duty/conveyance-duty-for-non-commercial-property.
- The commercial conveyance duty tax free threshold is increased by $100,000 to $1,900,000. See www.revenue.act.gov.au/rates-and-property-charges/conveyance-duty-stamp-duty/conveyance-duty-for-commercial-property.
- For the home buyer concession scheme:
- the rate of duty for the highest threshold is adjusted to align the concessional benefit amount with the residential owner occupier conveyance duty charges;
- the income test is amended – to be based on taxable income (generally) and with increased threshold amounts;
- the restriction on other property holdings is amended – the prohibition period is extended to 5 years
- eligibility requirements are revised to account for circumstances involving family violence.
- Duty concessions for pensioners and people with disabilities are extended with nil duty on eligible properties up to $1 million, and capped benefits for eligible properties above $1 million. See www.revenue.act.gov.au/home-buyer-assistance/pensioner-duty-concession-scheme; and www.revenue.act.gov.au/home-buyer-assistance/disability-duty-concession-scheme.
- Duty concessions for off the plan units and RZ1 units have an increased property value threshold of $1 million from 1 July 2024 to 30 June 2025. See www.revenue.act.gov.au/home-buyer-assistance/off-the-plan-unit-duty-exemption; and www.revenue.act.gov.au/home-buyer-assistance/rz1-unit-duty-exemption-scheme.
- Landholder duty exemptions are consolidated and based on actual acquisitions (rather than applying a hypothetical test).
- The scope of an exemption for acquisitions made to secure finance is clarified, as too is the duty liability when an acquisition occurs under an agreement, combined acquisitions under an arrangement and uncompleted agreements.
Landholder duty
See Revenue Legislation Amendment Act 2023 [No 2]. See also update to Revenue Circular, LHD002.2 Calculation of Landholder Duty for further details on how landholder duty is calculated.
Motor vehicle duty
Charges for Category C and D motor vehicles are increased. See www.revenue.act.gov.au/motor-vehicle-duty.
General Rates & Levies
- There are changes to general rates and police, fire and emergency services levy charges. See www.revenue.act.gov.au/rates-and-property-charges/rates. With rates increasing in 2024-25, in line with the ACT Government’s tax reform program.
Marginal and fixed rating factors are also adjusted for changes in average unimproved values as at 1 January 2024. See www.revenue.act.gov.au/rates-and-property-charges/land-valuations.
- The safer families levy (SFL) is increased by $5 to $50. See www.revenue.act.gov.au/rates-and-property-charges/safer-families-levy.
Land Rent
- The relevant percentage is 3.56 per cent with the base gross income threshold amount for pre-1 October 2013 leases set at $121,300 (increased from $117,100). See www.revenue.act.gov.au/home-buyer-assistance/land-rent-scheme/land-rent-for-leases-granted-before-1-october-2013.
Land Tax
- Fixed charges are increased annually by 5 per cent.
- Variable charges see an additional base value threshold applied at $1 million and percentage rates are revised.
See www.revenue.act.gov.au/rates-and-property-charges/land-tax/how-land-tax-is-calculated.
Lease Variation Charge
- Codified charges for LVC are subject to a partial update –
- Schedule 1 – the charge for variations to limit the maximum number of dwellings permitted on the land under a residential lease for unit titling purposes is increased to $43,000 per unit.
- Schedules 2 & 3 – charges are revised for the 3‑year average values to 1 January 2021.
- Relevant charges are now expressed inclusive of the reduction previously applied under the Planning (Reduction of Lease Variation Charges) Determination 2023.
See Planning (Lease Variation Charges) Determination 2024 DI2024-184.
Payroll Tax
- From 1 July 2024, a payroll tax surcharge rate will apply for large businesses, at an additional:
- 0.25 per cent on ACT taxable wages, where an employer is above the payroll tax threshold for businesses with Australia-wide wages above $50 million per annum or $4,166,666.66 monthly; and
- 0.5 per cent on ACT taxable wages, where an employer is above the payroll tax threshold for businesses with Australia-wide wages above $100 million per annum or $8,333,333.33 monthly.
- The surcharge will not apply to universities with an ACT campus.
See www.revenue.act.gov.au/business-taxes-and-levies/payroll-tax
Certificate and Statement Fees
- The fee to obtain a certificate of rates, land tax and other charges is $138. See www.revenue.act.gov.au/rates-and-property-charges/apply-for-a-certificate-of-rates-land-tax-and-other-charges.