The Queensland Government has backed away from an amendment that would have seen the land tax rate for investment property in
Queensland assessed on the value of the investor’s Australia wide land holdings from 1 July 2023, not just the value of their Queensland
property.
Queensland backs down on Australia wide land tax assessment
The amendment passed the Queensland Parliament and became law on 30 June 2022. The amendment would see the value of all of the landholder’s
Australian investment property assessed, the value of Queensland land tax calculated on taxable Australian wide investments, then
apportioned to the Queensland portion of the land. The amendment requires the landholder to declare their interstate landholdings and data
from other sources to verify the landholdings. The end result is many investors being tipped into a higher land tax rate.
Stamp duty or an annual property tax for NSW first home buyers?
First home buyers purchasing property in NSW of up to $1.5m will have a choice of paying stamp duty or an annual property from 16 January
tax 2023.
The annual property tax payments will be based on the land value of the purchased property. The property tax rates for 2022-23 are:
Falling behind on your BAS lodgements looks like an administrative problem. Left long enough, it becomes an expensive one, because the GST you collected stays payable indefinitely while the GST credits you are owed disappear after four years. Here is what that looks like in dollars.
With negative gearing now quarantined for established dwellings, new house and land has become the sensible play for investors — but there is a trap in the first eighteen months. Interest on the land is denied, while interest on the construction is not. If the bank has written one loan, someone has to do the sums. Here is why it pays to split the loan before you sign.
When the draft legislation for the trust minimum tax was released, it came with a reassurance: if you do not want to restructure, you can simply make an election instead — no restructure, and no state stamp duty. That is accurate, but it is also a very small part of the decision. Here is why you should choose your structure for the eventual sale of your business, not for the announcement.
