Hi,
I think you are reading it wrong.
Looks like the use all the land (interstate tht is NOT exempt) as ascertain the value of your land.
They will then charge you the applicable tax on the Qld property value.
You need to apply the tax free threshold is see if you are exempt...if you exceed it is on the full amount.
(SMSF are included in the land tax)--the valuation onthe rates notice was $5,000k over the treshhold (bless their black hearts), so had to pay land tax on the full amount......grrrrrrrrrrr
Extracts from
https://www.qld.gov.au/environment/land/tax/interstate
The total value of your Australian land will be used to determine:
- whether the tax-free threshold has been exceeded
- the rate of land tax that will be applied to the Queensland proportion of the value of your landholdings.
The current tax-free thresholds are $600,000 for individuals (other than absentees) and $350,000 for companies, trustees and absentees.
"You’ll only pay tax on the land you own in Queensland (i.e. we are not taxing your land outside Queensland)."
