It is proposed that the Land Tax and Taxation Administration Amendment Bill 2009 (Qld) be enacted and to take effect from 30 June 2009.
If this Bill is enacted implications include:
1. Commercial leases entered into after 30 June 2009 – Landlord can recover Land Tax as outgoing.
2. Pre-existing leases – Land Tax is not recoverable by landlord (even if the lease is renewed or assigned after 30 June 2009).
3. Retail Shop Leases & residential leases – not affected by this – landlord cannot pass on Land Tax liability to the tenant.
Rationale – this brings the Queensland Act in line with the other States & affords some protection to landlords against unexpected hikes in land tax.
Need help with a Commercial Lease or a Retail Shop Lease in Queensland? Contact Dave Cheng.