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An update on Queensland’s controversial land tax
An update on Queensland’s controversial land tax 30 September 2022 Matthew Hughes Article by: Kyle Robbins Source: Real Estate Business September 30, 2022 The latest news on the Queensland government’s land tax policy proposal, which was set to come into effect in 2023. The Palaszczuk government has now made the decision to place the legislation on ice. It was first reported by News Corp that the much-maligned legislative, which would have resulted in Queensland property holders having their land tax calculated based on the value of all their Australian property holdings, rather than just those owned in the Sunshine State , has for now been dropped, with the Real Estate Institute of Queensland (REIQ) reportedly confirming the Government’s decision. Premier Annastacia Palaszczuk is currently in Canberra for an in-person meeting of Australia’s National Cabinet. Under the proposed amendments, set to be enforced on 1 July 2023, an individual who owned $300,000 of Queensland property would be exempt from land tax. However, had the updated laws come into effect – and that same individual were to own $1 million worth of property in another city, they would then be considered to own $1.3 m
The latest news on the Queensland government’s land tax policy proposal, which was set to come into effect in 2023.