Land Tax Update: Improvements to administration and an update on assessment
The Land Tax Amendment Bill 2010 (Qld) (Bill) was introduced to Parliament on 23 March 2010.
If passed the Bill will commence on 30 June 2010.
The Bill proposes to simplify the administration of land tax in Queensland by:
- allowing land tax payers to choose whether they will pay land tax within 90 days of receiving their land tax assessment or in three equal instalments at 45, 90 and then 150 days after the assessment is received; and
- extending the capping arrangements so that the value on which land tax is levied is capped at 150 per cent of the value for the previous land tax year.
Importantly, the Bill does not change the method under which land tax is to be assessed or the rates of land tax.
The Valuation of Land and Other Amendment Bill 2010 (Qld) which earlier this year proposed dramatic changes to the assessment of unimproved values has been delayed by the Government until industry consultation concludes. The Government has indicated that an overhaul of the land tax assessment method will take place next financial year. Further alerts will be issued once more about the changes is known.
If you have any further queries about this update please contact the Property Planning and Environment team on 07 3231 2444.
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