The Government today welcomed the passage of the Inland Revenue (Amendment) (Tax Concessions) Bill 2025 by the Legislative Council.
The bill gives effect to the one-off tax concessions proposed in the 2025-26 Budget. These will reduce salaries tax, tax under personal assessment, and profits tax for the 2024-25 year of assessment by 100%, subject to a ceiling of $1,500 per case.
The Government said the concessions will benefit about 2.14 million taxpayers and about 165,400 taxpaying businesses, with about 16% of taxpayers and 12% of taxpaying businesses not needing to pay tax for 2024-25. Government revenue will be reduced by about $3.1 billion.
The bill as passed will be published in the Government Gazette on May 9.
The tax concessions will be reflected in taxpayers’ final tax payable for the 2024-25 year of assessment.
