Queensland has introduced land tax amendments that will consider the value of all land owned in Australia when determining land tax liability in Queensland. https://www.qld.gov.au/environment/land/tax/interstate
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.
© 2022 CPA Australia Ltd
Comments