Get Form LT11 Land Tax Exemptionland Used For Agriculture, Pasturage ...

You can claim a home exemption on land, or the part of land, you use as your home. Individuals and trustees of trusts and superannuation funds may be eligible for a home exemption; but companies, foreign companies, trustees of foreign trusts and absentees are not.

Land tax is a tax on freehold land, which includes: vacant land. land that is built on (e.g. your home, an investment property) lots in building unit plans.

The PPL exemption may apply to land if the dominant use of the land is commercial fishing or commercial farming of fish. For the purposes of the exemption, “fish” includes marine, estuarine or freshwater fish, oysters, molluscs, crustaceans or other aquatic animals.

Assuming no changes in value at 30 June 2022 and 30 June 2023, the Queensland land tax payable (no land tax exemptions applying) is: 30 June 2022: $1,950. 30 June 2023: $8,422.37.

An owner may be eligible for a land tax exemption if they use land wholly or partly as their principal place of residence. For detailed information about the exemption, see the following public rulings: The land tax exemption for a home (LTA000. 1)

The land (or combined adjoining land) must be: 0.8 hectare in size; and. used wholly or mainly for the business of primary production.

As an individual, you are liable for land tax if the total taxable value of your freehold land—comprising land owned solely and your share in land owned jointly with others—at 30 June is $600,000 or more. The taxable value of your land is based on your annual land valuation issued by the Valuer-General.

Land is exempt if it is owned by the Crown in the state of Victoria or vested in a Minister of the Crown. However, where land is leased from the Crown, the lessee is the deemed owner and thus liable for land tax. Similarly, a licensee of Crown Land with any right to acquire the land is also liable for land tax.