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QLD Budget | Foreign owner duty & land tax surcharge

17/06/2024

On 11 June 2024, the Queensland Government released its 2024-25 budget with plans to increase the additional foreign acquirer duty and foreign owner land tax surcharge. The Queensland Government will increase the rate of the additional foreign acquirer duty (AFAD) from 7% to 8% from 1 July 2024, AFAD is levied on foreign buyers of […]

Navigating tax implications of holding vacant land

14/12/2023

The Meakins case examines the deductibility of holding costs for vacant land. The findings emphasise the importance of demonstrable, income-generating activities to support tax deduction claims on vacant land, offering crucial insights for property investors and taxpayers. The recent Administrative Appeals Tribunal (AAT) case Meakins and Commissioner of Taxation [2023] AATA 3852 (Meakins), highlights its […]