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.
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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