This article was sourced from the Property Council of Australia’s website and the full article is available here.
The Property Council has been undertaking advocacy efforts to minimise the economic damage of Queensland Government’s increased land tax and foreign surcharge.
Recent increases, implemented through the Queensland State Budget 2019/20, will see Queensland facing a significantly broader foreign land tax surcharge than the comparable surcharges in NSW and Victoria, with far more landowners captured.
The Property Council has provided the Office of State Revenue with a comprehensive submission, which seeks broader exemptions from the new surcharge through an ex gratia relief guideline. The Property Council has sought:
- An exemption for listed entities and wholesale trusts, as per the Victorian surcharge.
- An avenue for ex gratia relief for both residential and non-residential owners and investors who can demonstrate a ‘significant contribution to the local economy’.
- A longer period for ex gratia relief, and the opportunity to renew and extend exemptions.
- Recognition of the need to extend relief beyond the development phase for some projects.
- Proportional treatment for co-owners.
The Property Council is asking affected landholders to write to the Treasurer, to express what the tax increases will mean for their company’s operations and future investment decisions.
Property Council of Australia, 2019