Land tax ‘adjustment’ to be introduced

During his Mid-Year Fiscal and Economic Review, handed down at the end of last year, the Queensland Treasurer introduced a ‘land tax adjustment’, which will fundamentally change the way land tax is calculated in Queensland.

The new approach will see nation-wide property portfolios taken into consideration when calculating the amount of land tax payable on Queensland-based property.

This would most significantly impact those with smaller landholdings in Queensland, and particularly where local portfolios sit under the highest bracket of $10 million +.

This new approach will rely on drawing data from other State Government property databases to determine each landholders’ property holdings. It is expected to raise $20 million per year.

A meeting request has been lodged with the Treasurer to better understand how the new methodology will be introduced.

The Property Council also issued a media statement reinforcing the need for Queensland to open its doors to new opportunities, rather than increasing taxes on those seeking to invest in the state.