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HG Alert: Fuel Subsidy Repeal Bill passed - Jun 2009

The Fuel Subsidy Repeal and Revenue and Other Legislation Amendment Bill 2009 was passed through parliament on Friday 19 June 2009. The Bill amends a number of Acts, with most amendments coming into effect on 1 July 2009.

Fuel Subsidy Act 1997

From 1 July 2009, the Queensland Fuel Subsidy Scheme is abolished. As a result, fuel subsidies will not be payable for retail fuel sold, or bulk end user fuel sold, after 30 June 2009. However, subsidies will continue to be payable to licensed fuel retailers who sell retail fuel, and to licensed bulk end users who use bulk end user fuel, before 1 July 2009. Additional amendments to the Fuel Subsidy Act 1997 are also to be made to deal with the repeal of the subsidy.

Duties Act 2001

The transfer duty first home vacant land concession threshold was increased from $150,000 to $250,000. The cut-off has also increased from $300,000 to $400,000. These changes take effect from 1 July 2009.

First Home Owner Grant Act 2000

A number of amendments have been made to reflect the extension of the First Home Owner Boost, announced by the Commonwealth Budget. The timeframe for transactions coming within the Boost is extended from 30 July 2009 to 31 December 2009. The First Home Owner Boost will be reduced to $3,500 for established homes and $7,000 for new homes after 30 September 2009. The $1 million cap on application of the First Home Owner Grant is deferred until 1 January 2010.

Land Tax Act 1915

A 0.5 percent surcharge on that part of the aggregate value of a taxpayer’s land exceeding $5 million will begin from 1 July 2009.

Payroll Tax Act 1971

Amendments will provide employers who employ apprentices and trainees with a rebate of tax for the 2009/2010 financial year, to reduce pay-roll tax payable on the wages of other employees.

Casino Control Act 1982

Amendments have been made regarding the State’s liability to make changes under the authority of section 51(4) of the Act. The amendments ensure that the casino tax rates that apply for Queensland casinos are able to be varied by the Governor in Council by Regulation without claims of compensation, and despite any clauses within any Casino Agreements or Casino Agreement Act. Also, the one percent Community Benefit Levy has been removed. This change is also reflected in the Gaming Machine Act 1991.

Statistical Returns Act 1896

Amendments will allow key statistical collections to be administered in a sustainable and efficient manner, using up-to-date sampling frames and collection methods.