QRO Land Tax update

In June 2022, the Queensland Government passed legislation to introduce the Interstate Land Tax Model, which will take effect from 30 June 2023.

The Property Council has raised concerns since the announcement of this nation first reform in December last year and has sought legal advice regarding its constitutionality. You can find more detail on the reform and our correspondence in this Advocacy Alert.

On this front the Property Council has continued persistent advocacy efforts to ensure that this is given due scrutiny and to act as a medium to inform our members on any changes.

We have been supplied a general alert about the upcoming changes from the Queensland Revenue Office, as follows:

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.