Land tax is a State tax calculated on the freehold land you own in Queensland at midnight 30 June of each year. Different rates apply depending on this total and what type of owner (category) you are. In commercial property (e.g. an industrial lease where the lessee may be liable for outgoings), land tax is a common cost most landlords seek to pass on. There can be vast differences in tax payable depending on the type of ownership structure that holds the asset, your share of value of land, averaged value, capped value and any exemptions. The difference in outgoings between land tax on a “single holding basis” and “multiple holding basis” can have material cost impost for both lessor and lessee.
Blue Commercial’s Asset Management & Advisory team, together with external valuers and/or lawyers we introduce to our clients, have a wealth of experience to assist in navigating these matters transparently. As land values have a direct impact on the local authority determining applicable Council rates, having a clear understanding of each moving part is paramount.
Want to know more, please contact Terry Rosewarne, Head of Asset Management & Advisory on 0401 086 202.