It has been announced today by Annastacia Palaszczuk the Queensland government will not proceed with its proposed changes to lax taxation.
Under the new rules, planned to come into effect from July 1 next year, land tax would have been calculated using a formula taking into account the value of “relevant interstate land”.
Currently, in Queensland, an individual who owns land is not taxed if the value of the land is under $599,000. The applicable land tax varies depending on the value of all the taxable land. However, the new rules would have calculated the amount of land tax based on the Queensland proportion of all total land value across Australia.
Many everyday investors have expressed their land tax bills could have jumped by an additional $15,000 – $30,000 per year.
The plan was initially met with much controversy, and we are glad that it will no longer be going forward at this stage.
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