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Land Tax calculation in QLD

Discussion in 'Accounting & Tax' started by God_of_money, 30th Nov, 2015.

  1. God_of_money

    God_of_money Well-Known Member

    Joined:
    28th Jun, 2015
    Posts:
    72
    Location:
    Gold Coast
    I am just wondering how much land tax do I have to pay if land value of the property is $400,000 (purchasing under family trust).

    Land Tax threshold for trust is $350,000

    I tried to use QLD OSR calculator, however, it is very confusing.

    Do I have to pay land tax base on $400,000 (whole amount) OR $50,000 ($400,000 - free threshold level).

    Can some one please enlighten me?

    Thank you
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    18th Jun, 2015
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    Location:
    Sydney
  3. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    8,975
    Location:
    Sydney
    $1450 plus 1.7c for each $1 more than $350,000