2017 SA State Budget Update

The 2017-18 South Australian State Budget was passed down on June 22, 2017 which included the following Budget Measures Bill 2017:

Job Accelerator Grants
From 1 July 2016, payments will be increased by up to $5,000 for businesses that hire apprentices or trainees and will be backdated to 2016.

Off-the-plan stamp duty
From 22 June 2017, the off-the-plan stamp duty concession of $15,500 will be extended until 30 June 2018 but will be retargeted so that it no longer applies to foreign purchasers.

First Home Owners Grant
From 22 June 2017, a $10,000 grant will be provided to eligible off-the-plan apartment purchasers where the contract is entered into between 22 June 2017 and 30 September 2017.

First homebuyers who want to buy an apartment in the city will now be able to get up to $40,500 in assistance.

Land Tax Exemption
From midnight 30 June 2017, a five year land tax exemption will apply to eligible apartments bought off-the-plan where the contract is entered into between 22 June 2017 and 30 June 2018.

Payroll Tax
From 1 July 2017, the Payroll Tax rate for small businesses will be lowered to 2.5%.

Stamp Duty Surcharge
From 1 January 2018, a stamp duty surcharge of 4% will apply to foreign purchasers of South Australian residential property.

Stamp Duty Transfer
As per the changes made in the 2015 State Budget, from 1 July 2017, the stamp duty transfer of a commercial property will be reduced by two thirds. Commencing 1 July 2018 stamp duty transfer on a commercial property will be abolished.

To discuss any of these changes and how they will impact you or your business please contact our office on 08 8431 7444 or send us an email at answers@businessi.com.au

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