The 2009/2010 Queensland state budget has delivered some stimulus for first home buyers as well as a trainee initiative which may benefit brokers looking to grow their businesses.
Most notably, the government increased the transfer duty exemption threshold for first home buyers purchasing vacant land from $150,000 to $250,000, providing savings of up to $5,675. It also extended the concession for first home buyers purchasing vacant land valued at up to $400,000. These measures are on top of the transfer duty exemption threshold for first home buyers purchasing established homes being increased to $500,000 in last year's state budget.
For brokers looking to take on trainees and apprentices, the government announced it would provide a 25% payroll tax rebate on the eligible wages of apprentices and trainees in addition to these wages being exempt from payroll tax. The state government also announced it would provide funding of $816.4m as part of the federal government's Nation Building and Jobs Plan to help boost Queensland's stock of social housing by up to 4,000 new dwellings over the next three years, and fast track repairs and maintenance on existing public housing.
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