Monday, August 11, 2008

Show Notes - Queensland Stamp Duty and Land Tax reductions

Sunshine Coast City RealEstate and Property Show (tm)
Freedom4Life.com productions 2008 cc

Show Notes

Properties discussed during today's program.
Picture Perfect (Under Contract - Already!) A$635,000
First Home or Investor A$325,000

Land:
The Rivers Edge A$185,000 - $235,000
The Springs A$215,000 - $230,000 (Only 4 Left)
Ridge Heights A$175,000 - $195,000

Search for more Mooloolah Valley property...

Mortgage duty - full abolition from 1 July 2008 (Source)

The 2008-09 State Budget brought forward the abolition of mortgage duty to 1 July 2008, six months earlier than scheduled, providing benefits for Queensland homebuyers, investors and businesses taking out a mortgage.


To read the announcement in full, refer to Chapter 5 of Budget Paper 2, available through the 2008-09 Budget website, www.budget.qld.gov.au.

Land tax relief package from 1 July 2008 (Source)
The 2008-09 State Budget revised the land tax schedules which take effect from 1 July 2008.
The current $600,000 threshold, the highest of any state, will be maintained, with the tax payable at the threshold to be reduced from $1,200 to $500.

The new land tax schedule for companies, trustees and absentees will result in approximately 17,500 companies, trustees and absentees with taxable land holdings valued at up to $750,000 (after averaging and capping) being better off as a result of the change. The current $350,000 threshold, which is already competitive, will be maintained, with the tax payable at the threshold reduced from $2,250 to $1,450.

To read the announcement in full, refer to Chapter 5 of Budget Paper 2, available through the 2008-09 Budget website, www.budget.qld.gov.au.


Concessions to assist older persons (Source)

In the 2008-09 State Budget, the Treasurer announced a package of concessions to assist older persons. These included:

* extending the transfer duty home concession to retirement village residents who adopt lease and sub-lease occupancy arrangements
* providing a land tax exemption for aged care facilities, operating under the Commonwealth’s Aged Care Act (1997). This exemption will complement the existing exemption for retirement villages
* extending the principal place of residence land tax exemption when the owner is absent due to illness or care requirements, a situation often encountered by the elderly
* reducing the application of the provision that provides for retrospective assessment of land tax on the subdivision of a principal place of residence


To read the announcement in full refer to the 2008-09 Budget website, www.budget.qld.gov.au.

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