The Queensland Government announced their decision not to proceed with the changes to land tax assessments which impacted landowners in Queensland who hold properties in other states. The changes would have resulted in additional land tax liabilities for certain landowners.
Queensland executive director of the Property Council Jen Williams applauded the state government’s change of heart, saying it was the right step given its expected impact on rental affordability and investor sentiment.
“As details emerged of how the new tax would be implemented, it became clearer just how untenable it would be,” Jen Williams, Executive Director of the Queensland Property Council said.
The amendments to the tax had already been legislated and will now be deferred in Parliament.
If you have any questions, please get in touch with our expert team at WMS.
Check out other interesting articles: