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Land Tax Increases Hit Asset Owners

  • September 19, 2018

Land Tax Increases Hit Asset Owners

Many Property Council members would have just received their 2018/19 land tax assessment notices, revealing the full extent of the Queensland Government’s land tax increases introduced in the State Budget.

The Government has introduced new land tax thresholds for aggregated land holdings with an unimproved value above $10 million.

Individuals, companies and trusts who are within this new threshold are now subject to a 25% increase in the rate of land tax. This revenue measure is expected to raise an additional $227 million over the forward estimates.

The Property Council has been a vocal opponent of these property tax hikes, which will increase the cost of doing business, damage Queensland’s economic competitiveness and impact on every Queenslander.

Advocacy work aimed at highlighting the economic impact of these tax increases to State Government policymakers is ongoing. The Property Council welcomes any anecdotal evidence of the scale or impact of the tax increases on your business operations.