The Qld Government has just passed a new land tax law that comes into effect June 2023.
If you own investment property in Qld after that date, the value of any assessable property you own anywhere in Australia will be added to the value of your Qld property for the purpose of assessing land tax payable to the Qld Government.
It matters not that you are already paying land tax in the states where these other properties are located. If you own a diversified property portfolio around Australia, it matters not that you could now actually pay more land tax on your Qld property than you receive in rent.
Who would ever now want to invest in Qld property?
Qld developers have just lost a market critical mass of buyers.
What an absolute brain fart from the Qld Govt.
If you don’t believe me, google the topic, and read the article in today’s Australian.
