Queensland land tax changes have been scrapped
Queensland land tax changes have been scrapped
The Queensland Premier Annastacia Palaszczuk has now scrapped the recently announced changes to the state’s land tax rules, to include the value of interstate landholdings for the purpose of assessing land tax payable in Queensland.
The decision was made after other state premiers made it clear the proposed land tax changes did not have their support, which may be a strong indication that other states will not consider implementing similar changes.
In our recent Tax Alert (see here), on 17 August 2022, we explained that the proposed changes would change the methodology used to calculate Queensland land tax by including the value of certain land holdings within other states (not just within Queensland) to determine whether the tax-free threshold would been exceeded, and determine the rate of land tax that would be applied to the Queensland proportion of the value of your landholdings.
Please do not hesitate to contact your Lowe Lippmann Relationship Partner if you wish to discuss any of these matters further.
