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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%.
In 2024, federal income tax rates remain at 10%, 12%, 22%, 24%, 32%, 35%, and 37%. While these rates stay the same for 2025, the income thresholds for each bracket will adjust for inflation.
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 .
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]
25 January – Cyclone Kirrily crosses the North Queensland coast at Townsville as a Category 3 system before weakening. [24] 27 January – Queensland state Labor MP Jim Madden resigns from parliament to vie for a position as a local councillor with Ipswich City Council in the 2024 Queensland local elections on 16 March. [25]
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]