Land Tax

At McCabe Weston Accountants we can provide you with the right advice regarding Land Tax.

Land Tax is a state based tax. It is imposed on property owners who hold property with an unimproved land value which exceeds the Land Tax Threshold. 

In Queensland the Land Tax Threshold is $600,000 for individuals and $300,000 for other entities such as companies, trusts and self managed superannuation funds. The main residence is exempt from the Land Tax calculation. Land Tax is assessed on the unimproved land value of property held by an individual or entity on the 30 June each year. Land Tax rates are increased as the unimproved land value of property held reaches higher tax brackets. Entities such as companies, trusts and self managed superannuation funds are taxed at higher rates than individuals. 

Since Land Tax is a state based tax the rules differ from state to state. It is important to assess the rules specific to any state where you own property. 

When purchasing property or transferring property between related entities it is essential for the affects of Land Tax to be reviewed.