iscover Palaszczuk dumps controversial land tax
TaxThe Queensland premier has dropped the land tax revisions that calculate liability by including holdings in other states.
Queensland Premier Annastacia Palaszczuk has moved to ditch the state's controversial land tax after weeks of negative publicity and refusals by other premiers to co-operate.
The tax, which was due to start next year, would calculate an owner’s liability for land tax based on the total value of their Australia-wide holdings that are not exempt, not just those in Queensland.
It was expected to affect approximately 10,000 investors and recoup the Queensland government almost $20 million a year from 2023–24.
However, the tax met a wall of negative comment from investors and NSW Premier Mr Perrottet said he would refuse to provide home owner information to the Queensland government.
“This is a tax implemented by a state that impacts the residents of NSW. It’s wrong, and we’re not going to comply with it,” the Premier said.
The tax was known to be turning investors away from Queensland and professional bodies, including CPA Australia, called it a "revenue grab".
Ms Palaszczuk is in Canberra for a national cabinet meeting but a spokesperson for Queensland Treasurer Cameron Dick confirmed the land tax changes had been dumped.
“The Treasurer stands by everything he’s said about land tax, but of course he accepts the decision the Premier has made after talking to other leaders,” said the spokesperson.
Philip King
Philip King is editor of Accountants Daily and SMSF Adviser, the leading sources of news, insight, and educational content for professionals in the accounting and SMSF sectors.
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