Land tax exemptions available to trusts

Land is often acquired by trusts for a variety of reasons including asset protection and the availability of a 50% capital gains discount for land held for more than 12 months. Land tax as it applies to trusts in Queensland can be misunderstood, particularly regarding the context in which separate assessments will issue, the availability of exemptions, including: the home exemption; and the primary production exemption. Potential issues for landowners With improved data matching techniques, the Queensland Revenue Office (QRO) is increasingly contacting trustee landowners that are claiming exemptions to verify if exemptions are properly being claimed. When trustees are acquiring land in Queensland on trust,...