Stamp duty relief, tax cuts, energy rebates and more

The recent Federal and State Budgets contained some announcements that will put more money into the pockets of people and businesses from July 1. Read on to find out what you will be getting here in Mount Isa.

Stamp duty relief for first home buyers

The stamp duty threshold (currently $550,000) for first home buyers is being increased. No stamp duty will be payable by first home owner-occupiers who buy properties up to the value of $700,000, and a reduced amount will be payable on homes valued between $700,000 and $800,000. This will save first home buyers up to $17,350 in stamp duty costs.

In addition, the stamp duty threshold on first home buyers of vacant land (currently $400,000) will be increased to $500,000. No stamp duty will be payable on vacant land purchased up to this new threshold value, saving first-home land buyers up to $10,675.

Tax cuts

The tax cuts that were announced prior to the Federal Budget will take effect from July 1. All taxpayers will receive a tax cut due to changes in marginal tax rates. The table below provides examples of the tax cuts for different income levels.

As you can see from the above table, the more you earn, the bigger your tax cut will be.

Electricity rebates for households and businesses

All Queensland households will receive a $1,300 electricity rebate in the new financial year. $1,000 will be from the Queensland government and $300 from the federal government. There is no need to formally apply for either rebate. They will be applied quarterly and automatically credited to your electricity bill from July 1 (i.e., $325 per quarter).

In addition, if you run a small business and you have an annual electricity threshold below 100 megawatt hours, you will receive a $650 electricity rebate over the next financial year. Once again, you don’t need to formally apply for this rebate. It will be automatically credited to eligible business customer bills from July 1 based on regular billing cycles.

Instant asset write-off scheme extended for businesses

If you run a business, the instant asset write-off scheme that was due to end on 30 June this year has been extended for another year. It will now end on 30 June 2025.

This scheme allows assets costing $20,000 or less to be fully written off as tax deductions in the year they are acquired or first used by eligible businesses that have an annual turnover less than $10 million. Multiple assets purchased under the value of $20,000 can be written off.

Examples of business assets that can be written off include tools, computers, printers, air conditioners and office furniture.

Increase to the superannuation guarantee

If you’re an employee, your employer must pay more into your superannuation fund from July 1. Your compulsory superannuation guarantee payment will increase from 11% of your ordinary time earnings to 11.5%. While you won’t be able to access this superannuation money until you retire from the workforce, it’s still extra money that you will eventually receive.

In addition to these superannuation changes happening on July 1 this year, there are two additional changes from 1 July 2025 that were announced in this year’s Federal Budget:

• The superannuation guarantee will increase from 11.5% to 12% of ordinary time earnings from that date onwards.
• The superannuation guarantee will be paid on government-funded paid parental leave from that date onwards. It is currently not paid on government-funded paid parental leave.

Cheaper rego

Light vehicle, motorcycle and trailer registration fees in Queensland will be cut by 20% from August 5 for the next 12 months. This will save Mount Isa motorists $85 per year for 4-cylinder cars, and more for 6 and 8-cylinder vehicles.

Increase to child sporting vouchers

If you have a child between the ages of 5 and 17 playing sport, they will be eligible for a $200 voucher under the FairPlay program from July 1. This is an increase of $50 on the current vouchers.

The bottom line

Make the most of any extra money you receive after July 1. After all, we pay enough tax, so we deserve it!

About us

Jays Real Estate has been Mount Isa’s premier residential and commercial real estate agency since 1981.

If you’re thinking about buying, selling, renting or leasing any Mt Isa property, or you need your property professionally managed, then contact our team today for an obligation-free chat!

We’d be happy to provide you with advice and to answer any property questions you have.