Qld dumps controversial land tax

The Queensland government has revised its land tax, which would see the taxable value of land owned in another Australian state or territory be included when determining the rate of land tax you pay in Queensland.

For example, if an investor had a $500,000 property in Queensland, and a $600,000 property in NSW they would be valued at $1.1 million. 

The policy, which was due to take effect from 30 June 2023 had been slammed by the NSW Premier Dominic Perrottet pledging against sharing the state’s landholder data. 

“This is a tax implemented by a state that impacts the residents of NSW. It’s wrong, and we’re not going to comply with it,” the Premier said.

The tax was known to be turning investors away from Queensland and professional bodies, including CPA Australia, called it a “revenue grab”. 

It was expected to affect approximately 10,000 investors and recoup the Queensland government almost $20 million a year from 2023–24. 

Ms Palaszczuk is in Canberra for a national cabinet meeting but a spokesperson for Queensland Treasurer Cameron Dick confirmed the land tax changes had been dumped. 

“The Treasurer stands by everything he’s said about land tax, but of course he accepts the decision the Premier has made after talking to other leaders,” said the spokesperson. 

This is expected to come as a relief to industry and mortgage brokers who feared the repercussions of the tax could see investors sell up holdings, or deter investment opportunities.

[Related: ‘Nail in the coffin’: Qld broker frustrated at land tax grab]