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***Backflip October 2022 | Significant changes coming to Queensland land tax liabilities from 30 June 2023

*** QUEENSLAND GOVERNMENT BACKFLIPS ON PROPOSED CHANGES (October 2022)

The Queensland property industry breathes a sigh of relief as the controversial changes to the calculation of land tax in Queensland are now proposed to be revoked.

WHY DID THE QUEENSLAND GOVERNMENT DECIDE TO BACKFLIP

There are several potential reasons for the backflip:

  1. Criticisms from the Queensland property industry regarding the limited public consultation on the change and the impacts of the change
  2. Unwillingness of interstate governments to cooperate with the Queensland Government’s request for property data, specifically the NSW government
  3. Low impact on State revenue, it is estimated that the land tax change would only generate an extra $20 million per annum, which would potentially decline over time as property investors would look to either reconsider investment in Queensland or restructure future purchases to avoid the proposed land tax; and
  4. Impacts on affordable housing in Queensland – data on property transactions in Queensland has revealed that in 2022 there has been a significant decrease in property investment purchases putting greater pressure on available rental properties.
 

What were the proposed land tax changes

From 30 June 2023 the Queensland Government had proposed that land tax liability would be based on the Queensland proportion of the total value of Australian land owned.  The total value of Australian land was to include:

  • The taxable value of Queensland land; and
  • The statutory value of interstate land, as determined by the relevant valuation legislation in that state or territory.

The total value of your Australian land was to be used to determine:

  • Whether the tax-free threshold was exceeded; and
  • The rate of land tax that would be applied to the Queensland proportion of the value of your landholdings.

The current tax-free thresholds are $600,000.00 for individuals and $350,000.00 for companies, trustees and absentees.

*** the above land tax changes have been scheduled to be revoked.

 

How to Find out your land value

If you are wanting to access Queensland’s land value for a specific property, please click the link below and enter the property address:

https://www.resources.qld.gov.au/qld/environment/land/title/valuation/search

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