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Several states have introduced changes to their land tax regimes.
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Land Tax Rate ChangesSeveral states have introduced changes to their land tax regimes, as follows:· Victoria: From the beginning of the 2009 land tax year (2009 calendar year) the land tax thresholds will be increased by 10%, which includes lifting the tax free threshold to $250,000 (and to $25,000 for lands held by trusts). In addition, the top land tax rate has been reduced to 2.25%.· Queensland: The following rates apply for the 2008/09 financial year.Individuals (other than companies, absentees and trustees):
| Taxable value |
Land tax payable |
| $0 - $599,999 |
$0 |
| $600,000 - $999,999 |
$500 + rate of 1.00% |
| $1,000,000 - $2,999,999 |
$4,500 + rate of 1.65% |
| $3,000,000 and above |
1.25% on full value | Companies, trustees and absentees:
| Taxable value |
Land tax payable |
| $0 - $349,999 |
$0 |
| $350,000 - $2,249,999 |
$1,450 + rate of 1.70% |
| $2,250,000 and above |
1.50% on full value | · Western Australia: The following rates apply for the 2008/09 financial year.
| Exceeding |
Not exceeding |
Rates |
| $0 |
$300,000 |
Nil |
| $300,000 |
$1,000,000 |
0.10 cents for each $1 in excess of $300,000 |
| $1,000,000 |
$2,200,000 |
$700 + 0.50 cents for each $1 in excess of 1,000,000 |
| $2,200,000 |
$5,500,000 |
$6,700 1.30 cents for each $1 in excess of 2,200,000 |
| $5,500,000 |
$11,000,000 |
$49,600 + 1.55 cents for each $1 in excess of 5,500,000 |
| $11,000,000 and over |
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$134,850 + 2.3 cents for each $1 in excess of 11,000,000 | |
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