Learn about changes to how your land tax will be calculated in 2023 if you also own property outside Queensland.
The Queensland government announced a change in the calculation of land tax from 30 June 2023.
They will use the total value of your Australian land, including your taxable land in Queensland and your relevant interstate land.
Queensland land owners
If you only own land in Queensland, you will not be affected by this change.
QLD resident owners of the land outside Queensland
You’ll only pay tax on the land you own in Queensland. So you will not be affected by this change.
Queensland and interstate land owners
If you own land in Queensland and another state or territory, you must declare your interstate landholdings.
Example
On 30 June 2022, Lena owned land in Queensland with a taxable value of $745,000. Her land tax is calculated using the rates for individuals.
Taxable value of land: $745,000
Calculation
= $500 + (1 cent × $145,000)
= $500 + $1,450
= $1,950
She will get an assessment notice for $1,950 for the 2022–23 financial year.
On 30 June 2023, the value of Lena’s land in Queensland has not changed. But Lena now also owns land in Victoria valued at $1,565,000. The total value of Australian land owned by Lena is $2,310,000, which means the land tax is calculated using a higher rate for individuals.
This is how Lena’s land tax will be calculated:
Taxable value of Australian land: $2,310,000
Calculation
= $4,500 + (1.65 cents × $1,310,000)
= $4,500 + $21,615
= $26,115
This amount is applied to the Queensland portion of Lena’s land (i.e. ($745,000 ÷ $2,310,000) × $26,115)).
Now she will get an assessment notice for $8,422.37.
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