Vegetation clearing laws

The Palaszczuk Government introduced a Bill in March 2016 to reinstate laws relating to vegetation management and vegetation clearing. The LNP and crossbench MP's voted against the Bill and it was defeated in August 2016.

The Government proposes to re-introduce vegetation management and vegetation clearing laws in the new term, although we wait to hear whether the proposed laws will be in the same terms as the Bill introduced in March 2016.

New taxes to fund election promises

On 23 November 2017, the then-Queensland Treasurer Curtis Pitt announced the introduction of four new or increased taxes to help pay for the Palaszczuk Government's election commitments.

The four new or increased taxes include:

  1. An increase in the rate of land tax payable on properties worth above $10m
  2. An increase in the transfer duty surcharge for foreign buyers from 3% to 7% (the same rate payable in Victoria)
  3. An increase in transfer duty payable for new cars worth more than $100,000
  4. A new 'Point of Consumption' tax on the net wagering revenue of bookmakers licensed in the Northern Territory that accept bets in Queensland.

Increase in the rate of land tax payable

The Government has proposed an increase in the rate of land tax payable on properties worth above $10m.

Land tax is assessed on the total value of all 'taxable land' owned by a taxpayer. Taxable land excludes land that is used as the home of a taxpayer. Where a taxpayer owns multiple parcels of land and the total value of the parcels exceeds $10m, the taxpayer will pay land tax at the higher rate for that part of the total value that exceeds $10m (the High Threshold Value).

The rate applying to the High Threshold Value for individuals is to increase from 1.75% to 2.25%.

The rate applying to the High Threshold Value for companies and trustees is to increase from 2% to 2.5%.

The Government indicated that the increase will effect 850 large property holdings across Queensland.

The increase amounts to an additional $5000 of land tax for each $1m of the total value that exceeds $10m.

If this change goes through, property owners who cannot recover land tax from tenants will need to absorb this additional tax. Where a property owner can recover land tax from tenants, tenants will need to pay the additional tax as part of outgoings contributions.

Point of Consumption tax

The Government proposed a 'Point of Consumption' tax on the net wagering revenue of bookmakers licensed in the Northern Territory that accept bets in Queensland.

The tax will affect bookmakers that have traditional betting offerings (such as Sportsbet, CrownBet and Ladbrokes) and will also affect bookmakers that have different offerings including Lottoland.

This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader's specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances please contact one of the named individuals listed.