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The Queensland State Government is dipping into the piggy bank of property owners yet again with a new land tax regime which the Real Estate Institute of Queensland (REIQ) says is a slap in the face to the very sector that is propping up the economy.<\/p>\n
The Queensland State Government is dipping into the piggy bank of property owners yet again with a new land tax regime which the Real Estate Institute of Queensland (REIQ) says is a slap in the face to the very sector that is propping up the economy.<\/p>\n
The shock announcement comes off the back of the State Government pocketing soaring stamp duty revenue with $5.38bn in transfer revenue this financial year, and it will increase overall from $16.53bn to $19.93bn over the forward estimates.<\/p>\n
REIQ CEO Antonia Mercorella said disappointingly the Government had not consulted with relevant property stakeholder groups on this new land tax regime, which was the wrong move at the wrong time.<\/p>\n
\u201cThis treatment of property investors as an endless money pit is outrageous \u2013 the Government is raking in a huge stamp duty windfall, then relying on private investors to provide the lion\u2019s share of housing supply, and now they\u2019re slapping investors yet again with new taxes,\u201d Ms Mercorella said.<\/p>\n
\u201cHow can the Government possibly justify slugging property investors with tax for land they own that isn\u2019t even within our state borders? It\u2019s utter nonsense that there\u2019s a \u201cloop hole\u201d to close.<\/p>\n
\u201cFrom a practical standpoint, it\u2019s also baffling to understand how on earth they intend to get this data in order to double-tax investors who are already paying this tax elsewhere.\u201d<\/p>\n
Ms Mercorella said that property investors were tired of being the ATM for the State and given the flagged second wave of tenancy rental reforms, many could decide to vote with their money.<\/p>\n
\u201cThere is no other state or territory that takes this approach, and by treating property investors with contempt like this time and time again, investors may very well pull up stumps,\u201d she said.<\/p>\n
\u201cAll this is doing is deterring people from investing in Queensland and instead, opting to invest where no multi-jurisdictional land tax applies.<\/p>\n
\u201cFor those not scared off from investing in Queensland, and current investors brave enough to stick around, this tax will make their holding costs more expensive and the logical consequence of that is that rent goes up.<\/p>\n
\u201cIn the midst of a rental crisis, it\u2019s beggars\u2019 belief that this would be the lever the Government pulls. It shows the Government lacks the ability to think outside the square and come up with alternative and innovative solutions to find new revenue streams.<\/p>\n
\u201cYou only have to look at the timing of this bombshell legislative reform to see the Government are clearly trying to sneak this in under the radar at a time most people have clocked off for the year.\u201d<\/p>\n<\/p><\/div>\n