In early September, it was reported that the Queensland Land Tax Laws would be changing from 30 June 2023. This proposed change would mean that all Australian land owned by a resident would be taken into account for a QLD tax assessment, potentially putting land owners over the tax-free threshold.
This proposal has now been abolished, with the current laws remaining unchanged.
What Does This Mean?
Queensland property owners are only assessed on the value of all non-exempt land that is held in Queensland. For example, if a person holds land in Queensland but also in another state, the other land is not relevant to your Queensland land tax assessment. For Queensland landowners, the tax-free threshold is currently $600,000 for individuals, and $350,000 for companies, trustees, and absentees.
If you have any questions or would like to revisit your land holdings, please contact your accountant at Hoffman Kelly on (07) 3394 2311.