The Rating (Exemption) Order 2024 will be gazetted on March 8. The Order seeks to implement the one-off rates concession proposed in the 2024-25 Budget to maintain the economic recovery momentum at the beginning of the financial year.
The Budget has proposed to waive rates for the first quarter of 2024-25, with the concession ceiling of $1,000 per tenement. The proposed rates concession will benefit about 3.51 million properties, leading to revenue forgone of about $3 billion.
The Order will be tabled at the Legislative Council for negative vetting on March 13.
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