2015/16 Australian Capital Territory Budget
The Australian Capital Territory Government 2015/16 Budget was handed down on 2 June 2015.
The Budget Papers are available here.
Details of the new revenue measures are provided below
Duty on Insurance
- From 1 July 2015, duty rates on general insurance will reduce from four percent to two percent. Duty on life insurance will reduce from two percent to one per cent.
- The 2015/16 financial year will be the last year that duty will apply to insurance policies with rates being fully abolished effective 1 July 2016.
Conveyance (Transfer) Duty
- From 1 July 2015, the flat duty rate on for all properties (residential and commercial) with a value greater than $1.455 million will reduce from 5.25 percent to 5.17%.
- The conveyance duty rates for the 2015/16 financial year are as follows: