Australia: Proposed tax on vacant residential property (Queensland)
A proposed amendment to the Land Tax Act 2010 and the Valuation Act 2010 was introduced into the Queensland Parliament.
A proposed amendment to the Land Tax Act 2010 and the Valuation Act 2010 was introduced
A proposed amendment to the Land Tax Act 2010 and the Valuation Act 2010—aimed at addressing issues caused by low rental vacancy rates across Queensland—was introduced into the Queensland Parliament on 13 October 2022.
The proposed legislation would impose a 5% tax on the value of residential property or land if it has been vacant for six months or more during the preceding financial year, beginning 1 July 2023 and thus applicable to property that has been empty for six months or more of the year following 1 July 2022.
The proposed legislation is designed to incentive property owners to put vacant residential homes onto the rental market.
Read an October 2022 report prepared by the KPMG member firm in Australia
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