SA State Budget 2023-24: Key Taxation Measures

Posted on 18/6/2023

2023-24 SA State Budget

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Overview:

The SA State Budget for 2023-24 has been recently announced. Read on to learn about some of the key taxation measures from the budget that may affect you.
SA State Budget 2023-24

For First Home Buyers

  • Stamp duty relief for eligible first home buyers who enter into a contract (on or after 15 June 2023) to purchase a new home (< $700,000 in market value) or vacant land (< $450,000 in market value) to build a new home.
  • Increase in the property value cap for the first home owner grant from $575,000 to $650,000 for eligible first home buyers who enter into a contract on or after 15 June 2023.

Property Taxes

  • Land tax reduction for eligible build-to-rent projects starting construction on or after 1 July 2023.
  • Changes to simplify the process of paying the Emergency Services Levy (ESL) for lessees of privately leased shack sites.

Flood Relief for Residents and Businesses

  • Stamp duty relief for those purchasing a replacement for a flood-damaged home or destroyed vehicle.
  • ESL relief for flood-destroyed vehicles.
  • Land tax relief for business properties and long-term residential rentals that are substantially damaged or destroyed.

Flood-Related Grants

  • Small business recovery grants up to $50,000 to cover clean-up and reinstatement costs.
  • Small business industry support grants up to $10,000 to support businesses during the flood.
  • Primary producer recovery grants up to $75,000 to assist agribusiness with essential recovery and reinstatement costs.
  • Please note that the eligibility criteria for tax relief for flood-affected residents and businesses, as well as the eligibility criteria for flood-related grants, are currently unclear.

It should be noted that, other than where links have been provided, the eligibility criteria for accessing these relief measures are presently unknown.

Click here, for more details of the SA State Budget 2023-24.

Speak to one of our specialist Tax Advisory Directors.

Neil Oakes

Neil Oakes

Providing tax consulting advice to small, medium and large enterprises, with specific focus in the aged-care and property industries.

Brian Nimmo

Brian Nimmo

Brian specialises in providing high level taxation advice. Tax consulting across corporate tax, capital gains tax and international tax, to ATO product and class rulings for managed investment schemes.

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