March 24, 2010Legislation introduced into State Parliament yesterday will rewrite Queensland's land tax laws, including the implementation of new payment and capping arrangements, according to Treasurer Andrew Fraser.
In a government statement, he explains land tax is only paid by 0.5 percent of Queensland residents, and “can be very complicated when dealing with old legislation”.
“It makes sense to make it a lot easier to understand, administer and comply with," he says.
From the 2020-11 financial year, land taxpayers will be able to either pay their entire amount of tax 90 days after they are given their assessment, or in three equal instalments at 45, 90 and then 150 days after assessment.
"This is a benefit of $8.5 million for taxpayers and implements a commitment to introduce an instalments system for 2010-11," Fraser assures.
The rewrite of the
Land Tax Act 1915 will also extend capping arrangements - in which the value on which land tax is levied is limited to 150 percent of the value which applied for the previous year - for 2010-11, to lessen the impact of any significant increases in land values.
In Queensland, land tax is levied on the taxable value of an owner's total land-holdings in this State.
An exemption ensures most people do not pay land tax on their home (principal place of residence).
The new Bill is planned to commence on June 30 and will apply to the 2010-11 year.
The Government has previously announced legislation reforming the land valuations system will be introduced into Parliament in the coming months.
