Commentary
From July 1, 2023, the method of calculating land tax in the state of Queensland will change. It will be calculated not only based on freehold land owned by taxpayers in Queensland but also on land owned by them in the other Australian States. But land valued at under $600,000 (around US$400,000) and a resident’s main residence remain tax-exempt.
For example, say a taxpayer owns land valued at $599,999 in Queensland and also owns land to the same value in New South Wales (NSW). The value of both lands will be added together, making it around $1.2 million, and, hence, the tax would be calculated based on $599,999, thereby wiping out Queensland’s tax-free threshold….