On Monday 28.2.22, the Tasmanian Government announced land tax threshold changes as tax relief for property owners.
The tax-free threshold for land tax will increase to $100,000 (from $50,000) while the upper threshold for land tax will be increased to $500,000 (from $400,000). The tax rate for land valued between $100,000 and $500,000 will also be reduced from 0.55% to 0.45%. It is expected that the reductions will amount to around $220m of tax relief for property owners over the next 4 years.
[Tax Month – March 2022 – Previous Month, 9.3.22] [LTN 38, 28/2/22]