Published Sunday, 31 December, 2006 at 12:00 AM
Premier and Minister for Trade
The Honourable Peter Beattie
NEW YEAR BRINGS SAVINGS FOR QLD BUSINESSES AND INVESTORS
Queensland businesses and investors will save more than $30 million each year from 1 January as two more state taxes are abolished, Premier Peter Beattie said today.
Mr Beattie said the abolition of hire duty and transfer duty on unquoted marketable securities announced in the 2005-06 State Budget come into effect on January 1.
“The 2,200 hiring businesses who pay hire duty will save around $19 million per year, and scrapping the duty on unquoted marketable securities will save investors around $14 million per year,” Mr Beattie said.
“Abolishing these duties reinforces Queensland’s reputation as a low tax state and maintains our competitiveness and attractiveness as the place to do business.
“Latest figures show Queenslanders’ pay an estimated $1,927*, per capita in tax compared with an average of $2,272 for the other states.
“Since 2005, Queenslanders have saved around $330 million by not having to pay debits tax, lease duty and credit business duty.
“In 2006, we raised the pay-roll tax threshold from $850,000 to $1 million, and that means that around 90 per cent of Queensland businesses will not have to pay pay-roll tax.
“Also starting today are generous stamp duty concessions for first-home buyers, and next year we will start to abolish mortgage duty.”
Credit card duty in Queensland was abolished in 2004.
Generally, these changes apply to hire duty transactions and transactions for Queensland unquoted marketable securities entered into on or after 1 January 2007.
Media contact: Premier’s office 3224 4500
31 December 2006
* estimate for 2006-07 financial year.
Mr Beattie said the abolition of hire duty and transfer duty on unquoted marketable securities announced in the 2005-06 State Budget come into effect on January 1.
“The 2,200 hiring businesses who pay hire duty will save around $19 million per year, and scrapping the duty on unquoted marketable securities will save investors around $14 million per year,” Mr Beattie said.
“Abolishing these duties reinforces Queensland’s reputation as a low tax state and maintains our competitiveness and attractiveness as the place to do business.
“Latest figures show Queenslanders’ pay an estimated $1,927*, per capita in tax compared with an average of $2,272 for the other states.
“Since 2005, Queenslanders have saved around $330 million by not having to pay debits tax, lease duty and credit business duty.
“In 2006, we raised the pay-roll tax threshold from $850,000 to $1 million, and that means that around 90 per cent of Queensland businesses will not have to pay pay-roll tax.
“Also starting today are generous stamp duty concessions for first-home buyers, and next year we will start to abolish mortgage duty.”
Credit card duty in Queensland was abolished in 2004.
Generally, these changes apply to hire duty transactions and transactions for Queensland unquoted marketable securities entered into on or after 1 January 2007.
Media contact: Premier’s office 3224 4500
31 December 2006
* estimate for 2006-07 financial year.