Hi all,
has anyone heard the add on the radio saying that the government is trying to charge a new land tax that NOONE will be exempt from. i know currently you can own upto $600000 worth of unimproved land in QLD but now they are saying any amount of land will have tax charged against it??Linda
I did here something about this, I think it sox. I also heard something about improved value instead of unimproved but didn't pick up on the first half of the conversation so not to sure what this means yet.
I think land tax needs to be wiped altogether or at least lowered down A LOT
Gov is just getting to greedy
Land tax should be based directly with rental income.
How many caravan / camping grounds have to go out of business because of this tax?The government may shoot themselves in the foot with this one, like they have done in the past when they have changed investing rules. they may find that MANY property investors ditch all their properties leaving far fewer rental properties for people to rent. the government does not provide enough affordable housing adn rely on property investors to meet the shortfall. if they penalise investors they may find that they are left with a whole new problem, significantly reduced revenue from land tax as well as a huge number of people seeking accommodation which they cannot provide.
cheers
Sonya
lets hope that they come to their sences. the last thing we all need is more taxes!!
I think you will find that the Qld Premier stamped it on the head yesterday.
Richard Taylor | Australia's leading private lender
Oh,
so what are the new rules??i juwst found this
The government says the laws would change the way land tax is calculated to stop commercial landowners getting large discounts on their rates and land tax.
But the Property Council of Australia says the legislation is a money-grabbing exercise.
Queensland's executive director Steve Greenwood says that instead of land just being valued as unimproved land, the legislation will see lease value, goodwill and any work done to add value included in the appraisal process.
"That means if there are two fish and chip shops next to each other, and one is poorly run and the other is well run, the owners of the well-run business will be paying more land tax each year," Mr Greenwood told AAP.
"Effectively what they're doing is introducing a business tax.
"People will be paying between 20 to 40 per cent more in land tax.
"The bill will also diminish Queensland's ability to attract interstate and overseas investment which will ultimately flow through to impact employment."
The Queensland Law Society has also slammed the legislation, saying it is ill-conceived and contains disturbing clauses which infringe on the rights and liberties of individuals.
"Key to the proposed amendments is the nonsensical decision to turn the term unimproved land on its head to mean improved land," president Peter Eardley said in a statement.
"These changes will affect mum-and-dad investors, farms, shopping centres, CBD locations and more, virtually anyone who pays land tax."
The Shopping Centre Council, AgForce, Chamber of Commerce, Industry Queensland, the Urban Development Institute are also against the changes.
The opposition agrees the changes will cost jobs.
"Once again Anna Bligh's new tax slug on businesses – on top of the fuel tax and electricity and car registration hikes – will put more Queenslanders on the unemployment line," LNP treasury spokesman Tim Nicholls said in a statement.
i dont fully understand what impact this will have on us as investors. it seems as though they are aiming this at business owners.
here is the link for the full report
http://news.theage.com.au/breaking-news-national/qld-govt-delays-land-tax-changes-20100223-p0ce.html
If we pay more land tax then it will efect us investors will it not?
Unless we pass it on to the tenant which then efects the business
maybe we will have to charge a lower rent for the building but charge huge managing fees or something, mmmmm
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