August 23, 2010Queensland land owners may soon see a welcome reduction in their taxes with a Bill to enact the change from unimproved to site valuation expected to enter the Parliament on September 1 or 2.
In line with the Government’s commitment earlier this year, detailed discussions continue between the State Government, the
Property Council and Shopping Centre Council on the move to site valuation in Queensland.
The Property Council says it has focused on five core issues, as the reform process comes down to the wire, to help reduce the burden of land costs on taxpayers.
These include: ensuring intangibles do not fall within the definition of site value; making sure concessions currently contained in the Valuation of Land Act remain unchanged; and identifying appropriate transition amendments.
It is also working to ensure currently undeveloped sites are not taxed immediately following the completion of any site works and overhaul the objections and appeals process introduced this year to make it “fair and transparent”.
“Whilst there is still much more work to be done, we continue in deep discussion with the Government and hope that in the coming fortnight we can reach a point where we are satisfied that all of our issues have been adequately addressed – before the Bill hits the floor of parliament in early September,” the Property Council says.
The Queensland Property Council is currently undertaking a recruitment process to replace former Executive Director Steve Greenwood, who stepped down from his post earlier this month.
