QLD land tax threshold

Discussion in 'Accounting & Tax' started by hash_investor, 8th Mar, 2017.

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  1. hash_investor

    hash_investor Well-Known Member

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    Hi, can someone educate me what is the land tax threshold in QLD?
    This might have been discussed on the forum already (a few times) but I have missed it so far.
     
    hash_investor, 8th Mar, 2017
    #1
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  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Depends

    Resident individual = $600k
     
    Terry_w, 8th Mar, 2017
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  3. hash_investor

    hash_investor Well-Known Member

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    And investors?
     
    hash_investor, 8th Mar, 2017
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  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    That is for investors
     
    Terry_w, 8th Mar, 2017
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  5. hash_investor

    hash_investor Well-Known Member

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    Got it. By resident you mean resident in aus
     
    hash_investor, 8th Mar, 2017
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  6. Scott No Mates

    Scott No Mates Well-Known Member

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    On earth methinks? :confused:
     
    Scott No Mates, 8th Mar, 2017
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  7. wylie

    wylie Moderator Staff Member

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    wylie, 8th Mar, 2017
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  8. RPI

    RPI SDA Provider, Town Planner, Former Property Lawyer

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    No aggregation for trusts either ($350k) as long as trustee and beneficiaries are not the same.
     
    RPI, 8th Mar, 2017
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  9. Blueskies

    Blueskies Well-Known Member

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    I've just had a chat with QLD OSR on the phone to confirm that the $600k is divided based on percent ownership if properties are held jointly, both as joint tenants or tenants in common. I.e. my wife and I can have $1.2M of rateable IP land between us before being eligible.
     
    Blueskies, 8th Mar, 2017
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  10. Whitecat

    Whitecat Well-Known Member

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    Is it deductable as an expense against a property?
     
    Whitecat, 8th Mar, 2017
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  11. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    It can be if the property is rented out
     
    Terry_w, 8th Mar, 2017
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  12. Sea Eagles88

    Sea Eagles88 Well-Known Member

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    Has anyone received their land valuation recently ?
    I can't understand how my Chermside went up from 340k in Oct 2015 to 410k in Oct 2016. 20% jump. Its just a normal 630sqm block in an unassuming location.
    Did the Qld Treasury now use Venezuela indexation rate ?
    My Logan went up 23% in 2 year. That is also way too much.

    What would be my grounds for challenging it to lower the value ?
     
    Sea Eagles88, 8th Mar, 2017
    #12
  13. kierank

    kierank Well-Known Member

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    I think it is because Brisbane is booming.

    I blame all the hype on PC :) :).
     
    kierank, 8th Mar, 2017
    #13
  14. RetireRich101

    RetireRich101 Well-Known Member

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    So how does this work out if we have mixed ownership of properties between Husband & Wife
    • P1 300k Husband & Wife
    • P2 300k Husband & Wife
    • P3 300k Husband
    • P4 400k Wife
    Could someone help working out Husband and Wife's portion of Land tax?

    And what happens for trust, say:
    P5 400k Trust ( Husband and Wife are trustee)​
     
    RetireRich101, 8th Mar, 2017
    #14
  15. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Work out based on your ownership Percentage.
    Wife would have $700k in that example
     
    Terry_w, 8th Mar, 2017
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  16. RetireRich101

    RetireRich101 Well-Known Member

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    Say 50% ownership in the joint ownership ( and I am not OSR give a damn about % ownership to nominated)

    Then:
    Wife is 700k
    Husband is 600k​

    Threshold is really 600k.
    Wife's 100k is subject to tax.
    Husband's 0k is subject to tax

    Is that correct?
     
    RetireRich101, 8th Mar, 2017
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  17. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Terry_w, 9th Mar, 2017
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  18. Scott No Mates

    Scott No Mates Well-Known Member

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    Can't people use the calculator on the OSR websites? They've paid for advice on structuring so ask your advisor how to work out or minimise your position.
     
    Scott No Mates, 9th Mar, 2017
    #18
  19. SueA

    SueA Well-Known Member

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    Won't hubby still pay $500.01? My rate sheet for individuals says up to $599 999 - 0 but $600k - $999 999 is $ 500 plus 1 cent for each $1 more than 600k. Couple of years ago we had a $505.
     
    SueA, 9th Mar, 2017
    #19
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  20. RetireRich101

    RetireRich101 Well-Known Member

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    Does anyone know if/when was QLD last change of the threshold amount $0–$599,999?
    Couldn't find history of the change in their web site.

    In NSW, threshold is pro-rata every year.
     
    RetireRich101, 10th Mar, 2017
    #20
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