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Tax Tip 96: QLD Land Tax for Non Residents

Discussion in 'Accounting & Tax' started by Terry_w, 14th Jan, 2016.

  1. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Sydney
    Did you know that "Absentee" land owners in QLD have a lower land tax threshold? Currently $350,000 compared to $600,000 for non trustees who are not 'absent'

    Land tax in QLD for individuals
    Schedule 1 Land Tax Act 2010 (QLD)
    LAND TAX ACT 2010 - SCHEDULE 1 -- RATE OF LAND TAX—INDIVIDUALS OTHER THAN ABSENTEES AND TRUSTEES

    Land tax in QLD for absentees and trustees
    Schedule 2
    LAND TAX ACT 2010 - SCHEDULE 2 -- RATE OF LAND TAX—COMPANIES, ABSENTEES AND TRUSTEES

    'Absentee' is defined at s 31
    LAND TAX ACT 2010 - SECT 31 31 Meaning of absentee

    31(1) says
    This could include Australian citizens or permanent residents who ordinarily reside overseas. Note that 'ordinarily reside' is not defined in the act.

    Subsection 3 also provides a concession for some employees overseas for work for an Australian employer or State of Commonwealth public officers.

    So if you own QLD properties and are planning on retirement overseas keep this in mind
     
    blackrocky and Dean Collins like this.