Corrs In Brief: Queensland to Join the "Landholder" Club
8th Feb 2011
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.