The Queensland Government has announced its proposal to amend the Duties Act 2001 (QLD) (Act) and to replace the existing land rich provisions with a landholder model that imposes duty on a threshold land value.
It is expected that the landholder model proposed will be similar to that already in force in New South Wales and Western Australia.
The proposal is referred to in the State Budget Mid Year Fiscal and Economic Review 2010–11 released by the Government on 28 January 2011. Draft legislation implementing the proposed changes is due to be released for consultation, with the view that the new landholder model is to apply to relevant transactions from 1 July 2011.
Click 'Download' to read the full article.
The content of this publication is for reference purposes only. It is current at the date of publication. This content does not constitute legal advice and should not be relied upon as such. Legal advice about your specific circumstances should always be obtained before taking any action based on this publication.