A new tax that will penalise people who own, or plan to buy, property in Queensland has been described as a ‘double tax’ by Australia’s largest property group.
Under plans announced by premier Annastacia Palaszczuk’s government, people who own property in Queensland and interstate, like New South Wales, will face land tax bills in possibly the tens of thousands of dollars from June 2023.
“This is about mum and dad investors who have worked very hard to buy that investment property, and if they own them in two jurisdictions, like Queensland and New South Wales, they are going to be double-taxed”, Adina Cirson, Acting NSW Executive Director, Property Council of Australia.
NSW Premier Dominic Perrottet is vowing to resist a request from the Queensland Government to provide data that would enable it to hike land taxes for thousands of residents across the border.
Queensland is seeking property ownership data required to implement their new tax, which has previously been described by NSW politicians as a blatant tax grab. Queensland expects the change to rake-in $20 million a year from 2023/24 and impact about 10,000 landholders.
Mr Perrottet pledged to block attempts by Queensland to access relevant NSW data. “This is a tax implemented by a state that impacts the residents of NSW.”
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