Mining will be funding tax cuts for other taxpayers under changes introduced in this year’s Queensland Budget.
BDO Kendalls Corporate Tax partner Mark Molesworth said that while much attention had focused on the early removal of mortgage duty and the changes to transfer duty, the changes to land tax and transfer duty rates and thresholds meant people with large property portfolios and those who undertook large transactions would pay more tax.
In essence, the changes would impact across the wider class of mining companies and the business community in general.
“The increases in revenue from the mining boom have been extracted to fund tax cuts for other taxpayers,” Molesworth said.
“These cuts are predominantly targeted at individuals and smaller businesses.”
The cuts would also be partially funded by higher taxes on wealthier people and higher-value transactions, he said.