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On 30 June 2010 a new Land Tax Act commenced replacing the old 1915 Act.

What follows is a brief overview of the most important issues in the Act:-

1. Thresholds

  •  Companies, trustees and absentees: $350,000.
  •  Individuals: $600,000.
  • Any land owner who owns land on 30 June each year of which the taxable value exceeds the thresholds is liable to pay land tax.

2. Taxable Value

The taxable value of land is determined is follows:-

The lower of:-

  • the valuation under the Valuation of Land Act 1994; or
  • a 3 year average of the value of the land under the Valuation of Land Act 1994

3. Payment Options

  • Previously land tax was payable within the prescribed period.
  • The new Act provides for:-
  1. an upfront payment which must be made within 90 days from date of the assessment; or
  2. an extended payment plan in terms of which 3 instalments are allowed which will be payable on the 45th, 90th and 150th day from the date of the assessment.
  • It must be noted that payments under the extended payment plan can only be made by direct debit.

4. Objections

  • Any objections against the assessment must be raised within 60 days of receiving the assessment.
  • Objections cannot be made against the valuation of the land as the valuation is dealt with under another Act (Valuation of Land Act 1994) and is therefore limited to the following:-
  1. where the exemptions have been properly applied; and/or
  2. where the assessment has been properly averaged or capped.

Contact Department Manager Donna Tolley on 07 5506 8241 or freecall 1800 621 071 to make an appointment or to obtain more information or use our Online Enquiry Form to send us your details.

With four offices conveniently located at Coolangatta | Robina | Brisbane | Kingscliff , you can also visit an office near you.

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Barry van Heerden

Barry van Heerden

  • Partner
  • Property and Commercial
  • Direct line: (07) 5506 8248
  • Mobile: 0403 452 455