This article is from the Australian Property Journal archive
THE Queensland Government has introduced legislation to rewrite the state’s land tax laws, including new payment and capping arrangements.
Treasurer Andrew Fraser said land tax is only paid by 0.5% of residents.
“It makes sense to make it a lot easier to understand, administer and comply with. From the 2010-11 financial year, land taxpayers will be able to either pay their entire amount of tax 90 days after they are given their assessment or in three equal instalments at 45, 90 and then 150 days after assessment.
“This is a benefit of $8.5 million for taxpayers and implements a commitment to introduce an instalments system for 2010-11,” he added.
Fraser said QLD has a competitive land tax regime, 30% below the national average, with the highest threshold for individuals and the lowest top rate of land tax.
The rewrite of the Land Tax Act 1915 will also extend capping arrangements – in which the value on which land tax is levied is limited to 150% of the value which applied for the previous year – for 2010-11, to lessen the impact of any significant increases in land values.
In QLD, land tax is levied on the taxable value of an owner’s total land-holdings, an exemption ensures most people do not pay land tax on their home (principal place of residence).
The new Bill is planned to commence on June 30 and will apply to the 2010-11 year.
Australian Property Journal
