Attention Australians
Joined: Apr 2001
Posts: 3,118
Likes: 140
From: overthere
Rex the you tube guy is talking about land tax for non residents . Like most things on the Internet it is poorly researched and emotionally portrayed. He uses the full house price in his calculations rather than the deemed land price. So, his example of a home for 750k would attract no tax . The two million dollar home would be somewhere around $7000 if solely owned, or $0 to $1450 if owned in joint names .
Joined: Feb 2008
Posts: 21
Likes: 0
From: Houston
Only affects owners if the land is above $350k.(not the total property value).
Queensland: A company, trustee or absentee (a person who does not ordinarily reside in Australia) is liable for land tax if the total taxable value of their land, comprising land solely owned and their share in land owned jointly with others, is $350,000 or more.
If Land Value on Rates below $350k then $0 tax.
Queensland: A company, trustee or absentee (a person who does not ordinarily reside in Australia) is liable for land tax if the total taxable value of their land, comprising land solely owned and their share in land owned jointly with others, is $350,000 or more.
If Land Value on Rates below $350k then $0 tax.
Thread Starter
Joined: Sep 2003
Posts: 188
Likes: 3
From: korea
Is on land value however5-600k is not at all unusual so is still a fair wack........just wait for their negative gearing changes and changes to capital gains for non residents and potential backdating.....and yes they have backdated before and charged accordingly
