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Queensland land tax bills are about to arrive. Here’s how to get an exemption

Hundreds extra Queensland owners are set to obtain a land tax invoice letter for the primary time after up to date land valuations kicked in – however many shall be eligible for an exemption.

When you get a tax invoice for the property you reside in, you will not must pay it however you will want to advise the federal government.

That is what you want to do.

What’s land tax?

Land tax is an annual tax that is calculated by including up the taxable worth of the freehold land you personal in Queensland on June 30.

There are completely different charges relying on the full worth and the kind of proprietor you’re, Queensland Treasury says.

Who receives a land tax invoice?

When you’re a person and the full taxable worth of your land is $600,000 or extra, you are accountable for land tax.

When you attain that threshold for the primary time, the federal government will ship you a letter containing “data on land tax, obtainable exemptions, and how you can apply”.

Obtainable exemptions embrace the land you utilize as your private home.

A Queensland Treasury spokesman says that as land values ​​”improve, extra landowners might attain the $600,000 threshold – and obtain a letter about land tax – nonetheless many of those landowners shall be eligible to assert an exemption on their residence”.

What number of could possibly be exempt?

Queensland Treasury expects to challenge some 23,000 letters to particular person landowners over the approaching months.

Primarily based on earlier years, about 60 per cent of these are “anticipated to be granted a principal place of residence exemption”, a spokesman says.

How do I declare an exemption?

In keeping with the Queensland authorities web site, it’s important to apply for an exemption via the Queensland Income Workplace.

As soon as that is been permitted, that exemption will proceed to use whilst you meet all the necessities – which means you do not have to lodge an utility yearly, except you progress deal with.

Aerial view of Herston showing Victoria Park Golf Course, the Royal Brisbane and Women's Hospital and Exhibition Grounds.
Greater than 20,000 individuals will obtain the letters within the mail within the coming months.(Provided: Brisbane Metropolis Council)

Why am I receiving a invoice this 12 months – once I have not earlier than?

The unbiased Valuer-Normal supplied up to date land valuations for Queensland after property assessments in October.


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