Join Australia's most dynamic and respected property investment community

Land tax QLD?

Discussion in 'Accounting & Tax' started by Seal, 31st Mar, 2016.

Tags:
  1. Seal

    Seal Well-Known Member

    Joined:
    10th Jul, 2015
    Posts:
    163
    Location:
    NSW
    hi
    how do i find land tax amounts for QLD? Anyone know the links please?
     
  2. Roosterman

    Roosterman Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    53
    Location:
    Brisbane
  3. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    9,021
    Location:
    Sydney
  4. Seal

    Seal Well-Known Member

    Joined:
    10th Jul, 2015
    Posts:
    163
    Location:
    NSW
    THanks terry. if my wife and i have our IP in both our names, will that mean it is above $600K each?
     
  5. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    9,021
    Location:
    Sydney
  6. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,595
    Location:
    Adelaide, SA
    Queensland's is fair similar to South Australia's from memory - best to fill up to the threshold in each name individually then start filling trusts after that.
     
    Seal likes this.
  7. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    9,021
    Location:
    Sydney
    It depends on the size of the property. It can be advantageous to jointly purchase a large one (in QLD).
     
  8. Seal

    Seal Well-Known Member

    Joined:
    10th Jul, 2015
    Posts:
    163
    Location:
    NSW
    OK. thanks. It's a townhouse with $220K land value. Just considering if i make more purchases in QLD, if/when it will put us over threshhold. My wife and i own 50:50 in our indivdual names.

    It seems from this, that we'd be assessed on this at 50% each?
     
  9. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    9,021
    Location:
    Sydney
    Yes, it is completely different to NSW where joint owners are assessed as one owner.
     
    Seal likes this.
  10. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    2,951
    Location:
    Brisbane
    Wow! That would hurt the bank balance.
     
  11. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    9,021
    Location:
    Sydney
    Bloody Oath mate. The other day one client worked out he could have saved $7k per year by not owning everything jointly, but going half each in single names.
     
    ellejay, Ross Forrester and Seal like this.
  12. HUGH72

    HUGH72 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,124
    Location:
    FNQ
    You are a long way from the 600k threshold. The OSR would assess your share as 110k and 110k for your wife, so you have another 490k each before your land holdings exceed threshold.
    2 middle ring houses in Brisbane in one name would most likely put you over the threshold unfortunately.
     
  13. Seal

    Seal Well-Known Member

    Joined:
    10th Jul, 2015
    Posts:
    163
    Location:
    NSW
  14. Shady

    Shady Well-Known Member

    Joined:
    20th Aug, 2015
    Posts:
    166
    Location:
    Sydney
    Nothing like dragging up old threads....
    How close do you get to the threshold before you think about purchasing in a trust? From what I understand the threshold rises slower than the taxable value.
     
  15. Elives

    Elives Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    539
    Location:
    Queensland
    Hi Terry,

    if you own jointly 2 people only get 300k threshold each? 2x300k= the 600k threshold. but if they bought in seperate names it'd be 2x600k thresholds?

    Cheers, Elives
     
  16. HUGH72

    HUGH72 Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,124
    Location:
    FNQ
    From memory the threshold hasn't moved for years in QLD. Regarding purchasing in a trust it depends on individual circumstances, extra accounting costs and loss of NG vs avoiding paying land tax with out even considering structure and legal implications.
    In Qld individuals have their own threshold so effectively, for a couple, 1.2 million land value in total before paying any land tax.
     
  17. dabbler

    dabbler Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,714
    Location:
    Sid en e - olympic city

    mm yeah, old...

    Well, when you get close, then search the forums for all those in a quagmire over trusts, that is enough for me to suggest you could be outsmarting yourself unless you really know you need/want the trust.
     
  18. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    4,936
    Location:
    Sydney
    Actually I think it's not a bad idea to buy in a trust... They'll get their own tland tax thresholds in QLD and you may find tax advantages... Look into it.
     
  19. Shady

    Shady Well-Known Member

    Joined:
    20th Aug, 2015
    Posts:
    166
    Location:
    Sydney
    Thanks for the advice, very helpful.
    One more purchase and we'll be close to needing an answer.
    We already have a family trust which holds 50% of my business, dont know what all yhe fuss is about.
     
  20. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    9,021
    Location:
    Sydney
    If JT or TIC 50/50 then yes.
     
    Elives likes this.