Changes are coming to land tax in Queensland
Queensland has introduced land tax amendments that will consider the value of all land owned in Australia when determining land tax liability in Queensland.
From 30 June 2023, landholders will need to declare their landholdings in other Australian states and territories. The declaration will include the land description, land value and percentage of ownership. This information will be used to identify the total value of a landowner’s Australian landholdings, which will determine whether they have exceeded the tax-free threshold and what rate of land tax will be paid in Queensland. The tax will only be applied to a landholder’s Queensland proportion of landholdings.
Queensland Revenue Office has guidance on what landholders will need to do to declare their interstate landholdings and how land tax will be calculated. You can find out more at qld.gov.au/landtaxinterstate
This article is general in nature and does not constitute legal advice. If you require legal advice in relation to your personal circumstances, you must formally engage our firm, or another firm to provide legal advice in relation to your matter. Bradley & Bray lawyers takes no responsibility for any use of the information provided in this article.
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