Gov’t approves tax concessions bill
The measure cuts 2024-25 income and profits taxes by up to $1,500 per case.
The government has passed the Inland Revenue (Amendment) (Tax Concessions) Bill 2025 by the Legislative Council.
The bill implements the one-off tax concessions proposed in the 2025-26 Budget.
The measure will reduce salaries tax, tax under personal assessment, and profits tax for the 2024-25 year of assessment by up to $1,500 per case.
The measure will benefit 2.14 million individuals and 165,400 businesses, with around 16% of taxpayers and 12% of businesses paying no tax for the year.
The move will reduce government revenue by about $3.1b.
The bill is set for publication 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.
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