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2024-2025 State Budget

The Revenue Legislation Amendment Act 2024 will, once passed, implement the measures announced in the Budget on the date of assent or as specified below.

The budgetary measures amend the following legislation:

Duties

Rate of surcharge purchaser duty and other surcharge duty

The rate of surcharge purchaser duty will increase from 8% to 9%. This applies to surcharge duty transactions that occur on or after 1 January 2025.

Read more about surcharge purchaser duty.

Land Tax

Rate of surcharge on residential land owned by foreign person

For all residential land owned by a foreign person at midnight on 31 December in any year, commencing with 2024, the surcharge land tax will increase from 4% to 5%.

Read more about land tax.

Land Tax Management

Land tax threshold

For the 2025 and subsequent land tax years, the land tax threshold will remain at $1,075,000 and the premium rate threshold will remain at $6,571,000 (being the thresholds for the 2024 land tax year).

Read more about land tax management.

Payroll Tax

Medical Centres

Medical centres paying wages to contractor general practitioners (GPs) will receive payroll tax relief:

  • For unpaid payroll liabilities prior to 4 September 2024, an exemption from payroll tax.
  • From 4 September 2024, a rebate for payroll tax on wages on contractor GPs if the medical centre meets certain bulk billing thresholds:
    • At least 80% of services if located in metropolitan Sydney;
    • At least 70% of services if located elsewhere.

Read more about payroll tax treatment for medical services.