Qld new land tax

Queensland Slugs Interstate Property Investors With 'New Land Tax'

 

This QLD government needs a kick up the *SS big time.
They don't index land tax threshold even though the property prices move north.
Can imagine how much land tax receipts will come into their coffer in the coming years.

Bloody shameless thief - Oxygen thief.

 

Yep, but did you notice his name? Very appropriate, I think.

 

Watch rents sky rocket as investors take profits and transfer homes to OO’s, then somehow investors will still be to blame.

 

Another article on this topic in the AFR: Qld to close land tax loophole for interstate investors

Need more details on this. It is framed as being aimed at interstate investors but I'm assuming it applies to Queenslanders with investments interstate also.

Also no mention of grandfathering despite the fact lots of people would have made long term interstate investment decisions on the basis of the laws at the time and the presumption that no state government would be so ridiculous as to try and tax activities outside their own borders.

Hopefully the REIQ can drum up some momentum to push back on this, like they did last round of ridiculous property legislation QLD Labor proposed.

 

With this proposed tax, it means double taxation on holdings if you're paying land tax in another State.

 

A friend just sent me this Queensland Slugs Interstate Property Investors With 'New Land Tax'

Terrible news?

 

Not sure if this has been shared already but this is quite an outlandish attempt by QLD labor to tax interstate investors on their assets in other states .. pure money grab!


https://www.realestate.com.au/news/queensland-government-slugs-interstate-property-investors-with-new-land-tax/?fbclid=IwAR3dafKKO25a8KUiPG7idlGjHxkAtGLz0T9VvOS-wesPSOM9A8TlwFAMToA

 

I didn't know the QLD Government was able to introduce a Federal Tax ? Quite bold of them to try and tax holdings in other states.

I have a feeling this may be unconstitutional..

 

This will likely fail but they will succeed in sending out the message that QLD is an anti business, anti investment state where interstate investment is not welcome!

 

This was confirmed by their pro-tourism stance over the last 5 months.

 

Interesting space!

 

Its a tax. What else is it supposed to be?

 

It's not April first right? You couldn't make this stuff up.

Just goes to show the economic success of Qld is in spite of, rather than due to, the current government.

 

They're not taxing holdings in other states. The article fairly clearly says that its simply counting the value of interstate holdings when figuring out the thresholds for local assets.

I imagine its about as "unconstitutional" as the QLD first homebuyer grant taking into account whether an applicant has homes in other states when determining eligibility.

 

There will be more of this in every state. I remember people whining about Victoria stamp duty revision and windfall tax. As investors people need to prepare for govt policy changes.

This may have an impact on Qld price growth particularly in areas where investors are over represented.

 

Logan, Ipswich, Caboolture are investors central.

 

Yep watch the lemmings whinge and jump off.
Having said that just owing on be big land value property can hurt. This is why I diversified across states. In any case I will downsize my portfolio 45% after this cycle. So much less impact for me. I am paying 35k in land tax across all states.. my contribution to society. Aren't I a good boy.....

 

Nah Cameron takes would have been butter.

Watch all the whoa is me posts clogging up this thread now .

 

Primary source https://s3.treasury.qld.gov.au/files/2021-22_Budget-Update_web.pdf

As @thatbum states, it's a change to consider the value of national holdings when figuring out the thresholds for land tax on Qld property.