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Land tax is a state-based tax, which in Queensland up until 30 June 2023, was to be calculated on the freehold land you own in Queensland only at midnight on 30 June each year.
Under amendments made to the Land Tax Act 2010 (Qld) as a result of the Revenue Legislation Amendment Act 2022 (Qld), from 30 June 2023, land tax in Queensland was to be calculated by taking into account the value of any interstate land owned by a landowner.
The practical effect of the Queensland land tax reforms was to reduce the effect of the tax-free threshold in Queensland if land outside Queensland is owned and to apply a land tax rate based on an owners Australia wide land holdings.
Provided the land tax reforms proceed to be scrapped in their entirety, landowners in Queensland should continue to pay land tax by reference to their Queensland landholdings only, and if applicable, obtain the benefit of the tax-free threshold. The tax-free threshold is currently $600,000 for individuals and $350,000 for companies and trustees.
As the reforms are currently law, it is unclear when legislation will be passed to ensure assessments for the land tax year commencing on 1 July 2023 revert back to the status quo.
