Land Tax threshold QLD

I have a huge problem with the way - land tax threshold for Queensland.
The threshold sums have not change since 2007 to 2020.

How can we as investors get them to change it to a more progressive fairer way?
Write to OSR?
Lobby your local member?

For individual - the threshold is $600k @ 1.0%
For trust - the threshold is $350k @ 1.7%

But the land valuation have continuously rise since 2007 for Queensland.

https://www.publications.qld.gov.au...0c9ee2f6/download/previous-land-tax-rates.pdf

Other states in Australia -
Victoria have lower threshold and % charge unchanged since 2009
Land tax current rates | State Revenue Office

New South Wales have progressive rate and it is index each year
Land tax

Please discuss and share.

 

The laws would need to be changed. SRO doesn't make the laws, parliament does so you would have to lobby politicians for this to happen.

 

my current frustration is my land tax bill have increased 16% this year.
I am 100% my property did not jump 16% this year.

 

Just wait till next year!

 

Why did you not object? The ball was in your court.

 

Yes review the (unimproved) land valuations. If they are excessive the notice will be excessive. There is a time limit to that process

 

Is 2 houses per state a legit strategy to keep land tax on the low side? Do they just send a bill?

 

There are many strategies, you just have to get under the threshold and factor in growth in values.

 

Oh, how do I know what I will be stung? Is there a website to see what thresholds they are per each state?

 

Yes, it is the relevant government department in each state.
NSW Revenue NSW
QLD State Revenue Office
VIC State Revenue Office
etc

 

I have just sent an email to my accountant...

Properties held in trust it seems, can have a designated beneficiary who then have an individuals threshold (450k) rather than the trust.

I'm very peeved ive been stung in my trust for a couple of years now, with a UCV of 445k (total BS). With a three bed house on it, I couldnt sell it for more than 515k last year

 

Do you have a link to a website that explains this in more detail?

This year, we paid $13,000+ in Land Tax, about $250 a week .

I need to do something to reduce it!!!

 

Accountants are legally unable to give advice on land tax. This is state legislation and can only be advised on by a lawyer.

Which state are you talking about?

 

Why can't investors lobby the politician? Money talks yeah?
Seriously - I am so bloody afraid to get another property in the inner ring of Brisbane of splitter block.
I don't want to be stung upwards of $5000 again each year.
Someone said I should get 2 or 3 of these joined for next purchase.
Discretionary Trust - bucket company

 

Investors can lobby.

Sounds like the person who suggested that is not a lawyer. Bucket companies will not help with land tax. But if a trustee owns property in QLD there could be a separate land tax threshold. If 2 trustees of 2 different trusts own the same property each could get a threshold.
Similar with a company holding property.

But there are many legal issues to consider, besides land tax.

 

The value or profitability of the property itself isnt the issue. Land tax is a wealth tax that is applied to all land other than exempt land. Its like opposing council rates.

The changed values of property in recent years mean owners must be vigilant for revaluation which may be excessive. The time to object is narrow. Many posts here about QLD values being a big high seem to indicate a common issue and may be a timing issue even. If the unimproved val is $445K and the potential sale with a dwelling is $515k seems a bit high. Depends whats on the land.

The issue with land tax is one which is best explored when purchasing. Fixing it now will involve CGT and duty. I have seen plenty buy two or three in a trust then find it was the wrong thing to do. I also have many people say they have never heard of land tax. I ask if they got legal advice when buying and they say - No. They ask for a contract and sign it. Big mistake.

 

I didn't have a problem with paying land tax per say.
It is just haven't been indexed with growth if any at all.
How can they tell me that the land value have gone up 16% from last year.
Base on what calculation? Surrounding land sold for the suburb?
It is residential land - with a low set dwelling with zero improvement since 1962.
I might be a mushroom, but I don't like to be fed cow poo.