Tasmanian Budget 2018-19: On the cusp of a golden age | KPMG | GLOBAL
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Tasmanian Budget 2018-19: On the cusp of a golden age

Tasmanian Budget 2018-19: On the cusp of a golden age

Michelle Bennett and Darek Domeracki discuss highlights of the 2018-19 Tasmanian Budget.

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On 14 June 2018, the Tasmanian Treasurer, Peter Gutwein, delivered the 2018-19 Tasmanian State Budget. Focused on “building for the future and taking Tasmania to the next level”, the Tasmanian Government has allocated a record $2.6 billion in funding for new job creating infrastructure initiatives over a four year period. 

Notable projects include:

  • $1.1 billion investment in roads and bridges infrastructure
  • $475.6 million investment in health spending
  • $192.2 million investment in schools and education
  • $142.2 million investment in tourism, recreation and culture.

To support the creation of 9,300 jobs over the next four years, the Tasmanian Government has committed to: 

  • extending the Payroll Tax Rebate Scheme for apprentices and trainees in areas of skills shortages to 30 June 2021 
  • providing a regional business relocation payroll tax holiday to support interstate businesses relocating to Tasmania and establishing operations in a regional area
  • following the mainland states by implementing a Foreign Investor Duty Surcharge. A 3 percent surcharge will apply to purchases of residential property by foreign residents, while a 0.5 percent surcharge will apply to purchases of primary production land.

Other tax reform measures include:

  • providing a 3 year land tax exemption for all newly built housing that is made available for long-term rental
  • providing a 50 percent duty discount to first home buyers of established homes valued at up to $400 000 for an initial 12 month period.

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