The Queensland Government has backed away from an amendment that would have seen the land tax rate for investment property in
Queensland assessed on the value of the investor’s Australia wide land holdings from 1 July 2023, not just the value of their Queensland
Queensland backs down on Australia wide land tax assessment
The amendment passed the Queensland Parliament and became law on 30 June 2022. The amendment would see the value of all of the landholder’s Australian investment property assessed, the value of Queensland land tax calculated on taxable Australian wide investments, then apportioned to the Queensland portion of the land. The amendment requires the landholder to declare their interstate landholdings and data from other sources to verify the landholdings. The end result is many investors being tipped into a higher land tax rate.
Stamp duty or an annual property tax for NSW first home buyers?
First home buyers purchasing property in NSW of up to $1.5m will have a choice of paying stamp duty or an annual property from 16 January tax 2023.
The annual property tax payments will be based on the land value of the purchased property. The property tax rates for 2022-23 are:
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