Land Tax - Qld

[mitta]

Question regarding Land Tax in Qld. If we own IP's in Qld, is it true to say we can have up to $1.5 millon of TUV ( total unimproved value ) before we have to pay Land Tax ? All of our IP's have 3 names on the titles.

$1.5 m divide by three equals $500,000, which is the threshold for an individual for this tax year.

Mark

 

[Qlds007]

Mark

Regretfully not.

Threshold for an IP held in individual names is $500K wef from 1.7.2006 irrespective of how many names are on the title.

If the property is held in Trust / Pty Ltd Company the threshold is 300K hence the need to structure your loans and owners correctly when going to contract on an IP.

 

[mitta]

Thanks Richard, it seemed too good to be true, what threw me was the way that it is explained for land that is jointly owned on the land tax calculator on their website.

" Total unimproved value of all land holdings as at 30 June 2006 (if land held jointly include only your share value of the land in calculating the total value of all land held) "

Mark

 

[mitta]

Threshold for an IP held in individual names is $500K wef from 1.7.2006 irrespective of how many names are on the title.

Hi Richard,
Some good news, I just spoke to a person at the OSR and in our situation if we continue to purchase IP's in our own names, 3 names on the title, our threshold before we pay Land Tax is a combined total of $1,500,000. Mark