Land Tax and AFAD increases confirmed in MYFER
The Queensland Government used its Mid-Year Fiscal and Economic Review, released late last year, to confirm its intention to impose a significant increase to Land Tax and the Additional Foreign Acquirer Duty.
A 25% increase in Land Tax rates on holdings of more than $10 million is proposed, as well as a 230% increase in the rate of the foreign investor tax.
The Property Council has been working to highlight the economic impact of these proposed taxes, outlining that taxes on business and investment are ultimately taxes that will be borne by Queenslanders. Advocacy efforts by the Property Council are ongoing to have these proposals reconsidered.
Since the November State Election, the Property Council has been occupied in efforts to avert the land tax and foreign investor tax increases.
As the new year gets underway, the Property Council will also be working to achieve the pro-active policy objectives which will help our industry to grow over the long-term. The Property Council’s 2018 advocacy priorities can be accessed here.
The Property Council looks forward to working with members to resist cynical tax increases, and prosecute this positive agenda with our state’s policy-makers.