New South Wales Premier Dominic Perrottet has ruled out cooperating with Queensland state authorities to help roll out its contentious extra-territorial land tax.
In a nation first, the Queensland Labor government’s proposal will calculate the amount of land tax owed by an investor based on their total property holdings across the country, instead of what they own in the state.
For example, if an individual owned 10 properties around Australia and they were to buy just one in Queensland, the government would charge land tax based on an aggregated valuation of all the properties added together.
The move has drawn a sharp response from property groups who warn it could drive away investors from the state, particularly as Queensland undergoes a severe rental crisis—properties provided by investors are a major pool of housing for renters….