Unemployment hits record low, but less people looking for work
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Mid-tier firm BDO has labelled the Queensland budget as beige and safe, criticising its lack of commitment in several areas.
BDO tax partner Leisa Rafter said one of the most significant missed opportunities from this budget was the lack of commitment to repeal transfer duty on business assets.
“With the announcement of the $40 million Industry Attraction Fund to bring new business to Queensland, existing Queensland businesses would be looking for duty reductions,” Ms Rafter said.
“Abolishing the duty on the transfer of business assets would be a step towards aligning duty legislation across the country, which simplifies the rules and reduces compliance costs for businesses – a win-win for Queensland business.”
Ms Rafter also noted the announcement of a three per cent stamp duty surcharge for foreign buyers into the state's residential property market, but questioned the government on its worthiness.
“This measure is projected to raise $15 million within the first financial year and we query whether this revenue will be worthwhile to overcome the disincentive to foreign residential investment,” she said.
The Office of State Revenue is being funded to undertake more compliance activity. In particular, the government has announced it will target those taxpayers who incorrectly claim to be a not-for-profit organisation.
“In our experience, the issues we have come across relate to genuine not-for-profits being excluded based on a technicality,” Ms Rafter said.
“The government should be wary on a harsh crackdown as not-for-profits deliver a variety of services in place of the government.”