While there is some truth to those headlines, for all home owners, and most ‘mum and dad’ investors you probably won’t notice any change.
Here’s what you need to know:
- Queensland home owners can continue to breathe easy when it comes to land tax. You are not liable to pay land tax on land you use as your home.
- If you’re an ‘individual’ property investor – in other words, you’re not a company or trustee – you will see no change to your current land tax rates, which apply to land with a taxable value above $600,000.
- If you’re an Australian citizen or Australian permanent resident holding a permanent visa, living, travelling or working overseas for an extended period, you’ll benefit from changes that bring Queensland into line with other major Australian states. From the 2019-20 financial year you won’t be assessed as an ‘absentee’. Translation? You benefit from the higher tax-free threshold, lower rates of tax and no more absentee surcharge.
- If you are a company or trustee with landholdings of more than $5 million, you’ll see land tax rates increase from 30 June 2019.
- A new surcharge will apply to foreign corporations and trustees of foreign trusts.
You can read the full details here.