Queensland Treasurer Cameron Dick has confirmed the controversial land tax changes put forward by Premier Annastacia Palaszczuk have been scrapped on the 4th of October 2022.
The tax, which was due to start next year, would calculate an owner’s liability for land tax based on the total value of their Australia-wide holdings that are not exempt, not just those in Queensland.
The tax was met with much negativity from both investors as well as other state Premiers, notably NSW Premier Domonic Perrottet.
It was expected that the changes would have affected approximately 10,000 investors who met the criteria. This would have recouped the Queensland government almost $20 million per annum.
To read more about what the Land Tax Changes were to entail, please see our earlier article here.