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South Australian State Budget 2024-2025

By Natalia Petkidis

Stephen Mullighan MP, Treasurer of South Australia, handed down the 2024-25 State Budget on 6 June 2024.

The Budget contained measures to combat cost of living pressures for individuals and businesses and also includes additional spending in respect of infrastructure, housing and healthcare. The key measures contained within the Budget are summarised below.

Individuals
To alleviate cost of living pressures, the Stage Government will provide the following:
  • Additional once-off cost of living concession (COLC) payments of $243.90 to all recipients who received the payment COLC payment in 2023-24.
  • Double the COLC payment to $255.60 for tenants and Commonwealth Senior Card Holders for 2024-25.
  • Increases to fees and charges set by government will not exceed 4.35% (the current rate of inflation).
Other measures include:
  • A $200 reduction in the materials and services charge for government school parents, caregivers, and independent students for the 2025 school year.
  • Expansion of the sports voucher program.
  • Additional public transport concessions for certain South Australians.

Businesses – Energy grants
Small business energy grants will be provided to up to 8,000 eligible small business and not-for-profit organisations. These grants range between $2,500 and $50,000 and are aimed at incentivising businesses to invest in energy efficient equipment or other improvements to manage their energy usage.

Payroll tax exemption – General Practitioners
General practitioner wages paid in relation to bulk billed services will be exempt from South Australian payroll tax from 1 July 2024. In addition, an amnesty on wages paid to certain general practitioners and other medical service providers prior to 30 June 2024 will be legislated to ease the administrative burden for these businesses.

First home buyers
The following incentives have been announced for first home buyers in South Australia:

  • Abolishment of Stamp duty for eligible first home buyers: The property value thresholds for first home buyers will be removed for eligible buyers who enter into a contract to purchase or build a new home on or after 6 June 2024. The removal of these thresholds effectively abolishes stamp duty for all eligible first home buyers.
  • First homeowner grants: The current property value cap of $650,000 will be removed for eligible contracts entered into on or after 6 June 2024. The first home owner grant provides eligible purchasers with a $15,000 grant to assist with the purchase cost of any new home.

The following table provides an example of how much an eligible new first home buyer can expect to save as a result of these changes:

Article from Moore Australia
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