Changes for Queensland land tax will commence from 30 June 2023 and will differ if you only hold land in Queensland or if you hold land in Queensland and other Australian states.
ONLY QUEENSLAND LANDHOLDINGS
- There will be no changes if you only hold land in Queensland.
- Will be able to access the general exemptions (if applicable) such as main residence, primary production land, childcare centres, retirement villages/aged care and nursing homes, non-for-profit etc.
QUEENSLAND AND OTHER AUSTRALIAN STATES LANDHOLDINGS
- Both the Queensland and other Australian landholdings will need to be reported in order to determine your percentage of Queensland holdings in comparison to total Australian landholdings.
Important Information for Queensland Landholders
The earlier of the 2 options:
- After 30 June 2023, Queensland landholders have 1 month (30 days) from receiving a land tax notification to complete a declaration of their Australian landholdings via a QRO Online Account
- By 31 October 2022
CALCULATION
Basically to work out the amount of Queensland land tax payable, you calculate as follows:
- Land tax payable on the total taxable value of the Australian land holdings
- Work out Queensland landholding percentage – taxable value of Queensland landholdings to total Australian landing holdings
- Multiply the Queensland landholding percentage to the land tax payable on the total taxable value of the Australian land holdings firstly calculated
- Gives land tax payable for Queensland
For an example see link https://www.qld.gov.au/environment/land/tax/interstate
The calculation will be varied if there are exclusions to factor in.
There are other factors to consider:
- Type of landowner – foreign companies/trusts and or absentee (“foreign individual who does not ordinarily reside in Australia”) – a 2% surcharge is added to land tax calculation
- Excluded land – exclusions relate to other Australian states and specifically to Queensland only
From Queensland Government website
