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South Australia was the first Australian state to introduce a land tax, based on the unimproved capital value of land, in 1884. [6] [7] In 1910, George Allen (first secretary to the Treasury) founded the Land Tax Office to service land taxes at the federal level as a form of wealth tax and as a means to break up large tracts of underutilised land.
From 2015/16, designated "small business entities" with an aggregated annual turnover threshold of less than $2 million were eligible for a lower tax rate of 28.5%. Since 1 July 2016, small business entities with aggregated annual turnover of less than $10 million have had a reduced company tax rate of 27.5%.
From 2015 to 2016, designated "small business entities" with an aggregated annual turnover threshold of less than $2 million were eligible for a lower tax rate of 28.5%. Since 1 July 2016, small business entities with aggregated annual turnover of less than $10 million have had a reduced company tax rate of 27.5%.
Historically Queensland has been viewed as the lowest-taxing state. Queensland has slid to third place behind Victoria and Western Australia in a comparison of taxation competitiveness between other states and territories. [43] A measure of tax per capita from 2002 to 2007 has seen the figure rise 70%, from $1,321 up to $2,226, per person. [44]
South Korea has an aggregate land tax that is levied annually based on an individual's landholding value across the whole country. Speculative and residential land has a progressive tax rate of 0.2–5%, commercial and building sites 0.3–2%, farm and forest lands 0.1% and luxury properties 5%. [100]
The ALA establishes authority for the Queensland Government to acquire land for specific purposes including the creation of roads, railways, and other essential infrastructure. The acquisition of land in this way is referred to in Australian legal jurisdictions as ‘compulsory acquisition’, known internationally as eminent domain .
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In the late 1980s the MFN [clarification needed] tariff rate on this item had been 45% and by 2000 it had been reduced to 15%. Then it was reduced to 10% in 2005 and to 5% in 2010. This is the current rate (apart from the tax on luxury cars). As the level of protection was reduced the number of companies assembling vehicles steadily declined.