Australian real estate has long been the preferred investment type for many investors in Australia. With the strong capital growth experienced across this sector, is it still a tax efficient investment and are there additional tax costs you need to be aware of?
The Queensland Government recently announced that the way land tax is calculated will change as of 30 June 2023.
Previously, land tax was calculated by reference to the taxable value of land owned in Queensland as of 30 June each year. As of 30 June 2023, land tax will be calculated by reference to the taxable value of land owned Australia wide. Read more here.