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 investors in Queensland but also on land owned by them in other Australian states.
For example, currently land valued at under $600,000 (around US$400,000) or an individuals main place of residence is land tax-exempt.
But if the person owns land valued at $599,999 in Queensland and also land to the same value in New South Wales (NSW). The value of both will be added together, making it around $1.2 million, and, hence, the combined value will wipe out the state’s tax-free threshold….