- Posted By Ayla Miels
The Queensland Government has backtracked on their proposed “anti-investor” land tax revision after weeks of criticism from the media, industry, and other state governments.
The Queensland Government has received weeks of negative publicity and refusal from other state to co-operate to hand over data relating to properties owned by Queenslanders in other states.
This has resulted in the Government scraping the plans for the land tax which was set to begin in 2023. The tax would calculate how much a Queensland property owner owed based on total value of all their properties owed Australia-wide. It has been assessed that this would affect over 10,000 investor and recover almost $20 million a year from 2023-2024, for the Queensland Government.
It was confirmed on the 3rd of October that the Queensland Government would not continue with its plans to introduce a land tax that would directly affect investors. The concern was that investors would ultimately pass this cost onto tenants and worsen the already dire rental crisis.
Premier, Annastacia Palaszczuk shelved the plan after admitting that it was 'bad' policy.
Property investors can breath a sigh of relief and continue to capitalise on the opportunities for higher yields and growth offered by the Queensland market.