QLD land tax threshold

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

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  1. Terry_w

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

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    In wld they are static and don't increase like they do in nsw
     
    Terry_w, 10th Mar, 2017
    #21
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  2. RetireRich101

    RetireRich101 Well-Known Member

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    But hearing most complained about QLD land increase by 10-30% this year, the $599,999 doesn't look so big in near future..
     
    RetireRich101, 10th Mar, 2017
    #22
  3. sash

    sash Well-Known Member

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    Don't worry about it....just pay the tax....paying 6500 now.....I feel good!! ;)
     
    sash, 10th Mar, 2017
    #23
  4. RetireRich101

    RetireRich101 Well-Known Member

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    I feel even better. I pay $0
     
    RetireRich101, 10th Mar, 2017
    #24
  5. sash

    sash Well-Known Member

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    Great.....you have not got many high value properties in Qld then. ;)

    Kingston and Woodridge are cheap for a reason...I horses for courses...even land value in Annerley/Moorooka on boutique blocks can be 150-200k.

    Ta ...ta old boy....too busy in Melbourne ...the great unwashed are coming to the Outer suburbs given the recent state govt changes to stamp duty....
     
    sash, 10th Mar, 2017
    #25
  6. HUGH72

    HUGH72 Well-Known Member

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    The statement from the OSR will include a breakdown of ownership of all properties, both TIC and JT.
    And if you have a ppor in Qld they may even try it on for that property as well. You then have to request an exemption from memory.
     
    HUGH72, 10th Mar, 2017
    #26
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  7. RetireRich101

    RetireRich101 Well-Known Member

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    I thought you're the land tax strategist, by buying properties around the country to save land tax, no?

    Perhaps I have wife?
    Perhaps I have a trust?
    Perhaps I have a company?

    I guess neither of the above applies to you since you're paying such horrendous amount of land tax in QLD alone..

    Perhaps seek Terry_W for advice?
     
    RetireRich101, 10th Mar, 2017
    #27
  8. sash

    sash Well-Known Member

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    I already have some of 3......nah....18k in land ta collectively across my portfolio is chump change....consider it my part for society......someone has got to do it...after all you are selling up in NSW...someone who is making money has to take that void....
     
    sash, 10th Mar, 2017
    #28
  9. wylie

    wylie Moderator Staff Member

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    Spoke with a local shopkeeper tonight who used to hold 30 properties (I think he said) and was paying over $100k land tax each year. :eek:

    We are going to sell one house shortly that is costing us $6k each year in land tax. That's not why we are listing it of course.
     
    wylie, 10th Mar, 2017
    #29
  10. RetireRich101

    RetireRich101 Well-Known Member

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    Yes, the QLD OSR page gives some good examples.
    Taxable value of land | Environment, land and water | Queensland Government

    Not only the threshold is different to NSW, but the way they calculate the land tax for joint name is different.

    Say for the same example:
    • P1 300k Husband & Wife
    • P2 300k Husband & Wife
    • P3 300k Husband
    • P4 400k Wife
    In NSW it will be:
    Client_ID1 (for Husband & Wife) = 600k
    Client_ID2 (for Husband) = 50% x 600k + 300k = 600k
    Client_ID3 (for Wife) = 50% x 600k + 400k = 700k
    each Client_ID are subject the threshold
    ​
    In QLD it will be:
    Client_IDX (for Husband) = 50% x 600K + 300k = 600k
    Client_IDY (for Wife) = 50% x 600K + 400k = 700k
    ​
    Is there a Client_ID for the Husband and Wife combined?
     
    RetireRich101, 10th Mar, 2017
    #30
  11. Beano

    Beano Well-Known Member

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    Time to buy over the ditch to save land tax!
     
    Beano, 11th Mar, 2017
    #31
  12. RetireRich101

    RetireRich101 Well-Known Member

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    lol, I just worked out how to find current land value for any given property in QLD!!

    ....that will keep some *******s honest :D
     
    RetireRich101, 11th Mar, 2017
    #32
  13. Terry_w

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

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    In qld land tax can easily be avoided by setting up new trusts. But land tax is just one thing to consider when considering ownership structure
     
    Terry_w, 11th Mar, 2017
    #33
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  14. Gockie

    Gockie Life is good ☺️ Premium Member

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    And the threshold in a trust is only 300k.... not 600k. I think then you also pay land tax from dollar 1. So those IPs have to be very cheapies....
     
    Gockie, 11th Mar, 2017
    #34
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  15. Terry_w

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

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    2 trustees owning tenants in common 50 50 would get 700k between them.
     
    Terry_w, 11th Mar, 2017
    #35
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  16. Dangsta

    Dangsta Member

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    Is there a website somewhere which enables me to search for a property in QLD so I can find out how much the rateable land value is before I commit to purchasing? I believe some council websites like Ipswich does show it if you go to the property inquiry search tool but it would be great if there's one for the entire QLD area (and free too of course).

    Thanks in advance.
     
    Dangsta, 20th Mar, 2017
    #36
  17. wylie

    wylie Moderator Staff Member

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    Bank of Queensland app (BOQ) gives you that. You get a report emailed to you. Of course, these values have just increased, and I'm not sure how quickly the new values take to get onto the various sites.

    And most brokers would have access to RPData and could tell you as well.

    Edit: Just checked one of ours and it is not yet reflected in the BOQ report.
     
    wylie, 20th Mar, 2017
    #37
  18. God_of_money

    God_of_money Well-Known Member

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    God_of_money, 20th Mar, 2017
    #38
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  19. wylie

    wylie Moderator Staff Member

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    Doesn't a trust pay from the first $1 though? So, even under the threshold, there is "some" land tax?
     
    wylie, 20th Mar, 2017
    #39
  20. God_of_money

    God_of_money Well-Known Member

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    not in QLD.. though it is true for NSW
     
    God_of_money, 20th Mar, 2017
    #40
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