Queensland’s interstate land tax policy discarded

Good news for Queensland residents with interstate properties: the new land tax policy has been discarded. After meeting with interstate leaders, many of whom were not supportive of the policy, the premier announced that she would shelve the new land tax rules recently introduced into parliament.

These new tax rules would have seen your total taxable value determined by the total value of your land in Australia. Land tax would be calculated on this amount and applied to the Queensland portion of your land holdings to determine your land tax liability. Ultimately, this would have caused land tax bills to skyrocket for Queensland residents with interstate land.

However, since this policy has been abolished, your land tax will continue to be calculated only on your Queensland land holdings for 2023 onwards. Below are the current land tax rates for individuals and companies.

For individuals:

Total taxable value	Rate of tax
$0–$599,999	$0
$600,000–$999,999	$500 plus 1 cent for each $1 more than $600,000
$1,000,000–$2,999,999	$4,500 plus 1.65 cents for each $1 more than $1,000,000
$3,000,000–$4,999,999	$37,500 plus 1.25 cents for each $1 more than $3,000,000
$5,000,000–$9,999,999	$62,500 plus 1.75 cents for each $1 more than $5,000,000
$10,000,000 or more	$150,000 plus 2.25 cents for each $1 more than $10,000,000

 

For companies and trustees:

Total taxable value	Rate of tax
$0–$349,999	$0
$350,000–$2,249,999	$1,450 plus 1.7 cents for each $1 more than $350,000
$2,250,000–$4,999,999	$33,750 plus 1.5 cents for each $1 more than $2,250,000
$5,000,000–$9,999,999	$75,000 plus 2.25 cents for each $1 more than $5,000,000
$10,000,000 or more	$187,500 plus 2.75 cents for each $1 more than $10,000,000

 

Please call or click to discuss with a Macro Group Team Member if you would like further information.

The Macro Group Team

Published on 10 November 2022