QLD Land Tax

Discussion in 'Accounting & Tax' started by Jmillar, 1st Aug, 2016.

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  1. Jmillar

    Jmillar Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    680
    Location:
    Sydney
    Hi guys,

    I now own 7 properties in QLD (2 townhouses, 5 houses). I'm just wondering if anyone knows how to check what my total taxable value is for my properties?

    I think council rates may show taxable values (?) but most of my council rates go to my PMs, and I haven't received rates for some of my new properties yet... Is there another way to check?

    Also, from my quick research, it looks like the threshold for individuals is $600k, and trusts are $350k. Does this mean I can have $600k worth in my personal name and then 2 trusts with $350k worth in each, and not pay any land tax at all? (will confirm with my accountant, just want some general advice)

    Cheers
     
    Jmillar, 1st Aug, 2016
    #1
  2. JDM

    JDM Well-Known Member

    Joined:
    19th Jan, 2016
    Posts:
    465
    Location:
    Brisbane
    A paid QVAS search should provide the current valuation, otherwise if you or someone you know has access to RP Data this also usually shows it. You can also enrol to have your annual valuations sent to you by email: 2016 annual land valuations | Environment, land and water | Queensland Government.

    I'm pretty sure you're correct on the threshold point and using trusts but I'll let a tax expert confirm.
     
    JDM, 1st Aug, 2016
    #2
  3. Terry_w

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

    Joined:
    18th Jun, 2015
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    Australia wide
    Yes each trust can get a tax threshold - but not if they are identical trusts.
     
    Terry_w, 1st Aug, 2016
    #3
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