Last month we had a big win with the controversial new land tax rules scrapped. The Premier buckled under pressure and intervened to shelve the Treasurer’s contentious reforms which would have resulted in making the housing crisis in Queensland even worse.
The proposed changes would have seen land tax calculated using the total value of an investor’s Australian land, however they would have only paid for the portion on the land they own in Queensland.
From the moment the tax was announced last year it was a Renter’s Tax that would have driven up rents when people are already doing it tough on so many levels. Despite it being an embarrassing backdown by the Treasurer, it was a win for the people of Queensland.
More mum and dad investors are getting caught up in paying land tax on their investments, including rental properties, as the State Government hasn’t changed the tax-free threshold since 2007 and as land valuations soar this tax will affect more people.