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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.
The Acquisition of Land Act 1967 (ALA) is an Act of the Parliament of Queensland. The ALA establishes authority for the Queensland Government to acquire land for specific purposes including the creation of roads, railways, and other essential infrastructure.
A land value tax is a progressive tax, in that the tax burden falls on land owners, because land ownership is correlated with wealth and income. [ 3 ] [ 4 ] The land value tax has been referred to as "the perfect tax" and the economic efficiency of a land value tax has been accepted since the eighteenth century.
2003: Significant amendments to Queensland's planning law, the Integrated Planning Act, are made by state government. [42] These amendments aimed to better protect the environment by stopping "urban sprawl", and lead to massive land price inflation. [43] Queensland's property prices start to rise quickly at this point.
Payroll tax is a general purpose tax assessed on the wages paid by an employer in Western Australia. The tax is self-assessed in that the employer calculates the liability and then pays the appropriate amount to the Office of State Revenue, by way of a monthly, quarterly or annual return. From 1 July 2014: [32] The rate of payroll tax is 5.5%.
Queensland: Property Law Act 1974 [14] Land Titles Act 1994 [15] Northern Territory: Law of Property Act [16] Land Title Act [17] South Australia: Law of Property Act 1936 [18] Real Property Act 1886 [19] Tasmania: Conveyancing and Law of Property Act 1884 [20] Land Titles Act 1980 [21] Western Australia: Property Law Act 1969 [22] Transfer of ...
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A property investor can utilise calculations such as the Land-to-Asset Ratio. The land-to-asset ratio is a real estate valuation measure that compares the value of the land on which a property stands to the total value of the property - including the land, buildings, and any improvements.