New taxation laws for Queensland investors ditched by QLD Government

After announcing that some Queensland investors will be taxed on their rental properties outside of the state, the Queensland Government swiftly received backlash from real estate professionals and industry experts. Amongst many criticisms it was feared that the new tax laws would spark a mass exodus of investors in the Queensland property market which would further exacerbate the current rental crisis.

However, the REIQ have confirmed the government’s decision to shelve the scheme. The scheme proposed evaluating the land value of interstate investment properties to determine how much tax the investor will pay in Queensland. We published a detailed blog on the scheme which you can find?here.

The Courier Mail reports that, “It is understood Ms Palaszczuk made the decision on Thursday night to shelve the scheme after speaking to her interstate counterparts. It had become clear the other Premiers did not support the land tax shake up and were set to not co-operate.”

At Code Property Group, we believe this is welcome news to our clients as we understand this scheme had the potential to cause much unsolicited stress come tax time. We remain firm in our advice that you should always seek professional financial counsel in regards to any finance questions.