Today we have produced a short video on the Queensland land tax changes.

The content for this video was prompted by Andrew Weston, Director and owner of Portfolio Property Sales. Andrew has a number of interstate and QLD clients who are concerned about the impact of these changes.

When we recorded the video we thought the calculation process was in effect from 1 July 2022. We subsequently learned that while the legislation was now in effect, the calculation of the liability will only occur from asset holdings as of 1 January 2023. The Queensland Treasurer has provided a short grace period for property owners to get their affairs in order.

It will be interesting how the other States will react with the Queensland land tax extending to all Australian properties.