In this episode Terry and I take a real swipe at the Queensland State Government and it’s current Land Tax proposal that comes in to effect from 1 July 2023.
We look at who is really be punished here and the implications of what this tax will mean for Tenants and Property Investors. It’s the really big Elephant in the Investment room at the moment.
We discuss how investors have already been taxed in the other States where they own property but the QLD Government is going to tax you based on all the properties you own across Australia combined.
We discuss how would you enforce this particularly when you are relying on other State Governments to give you the information on Individual people’s holdings…
I ask Terry will the QLD State Government fine people if they don’t provide the property holdings information?
For once the Mainstream Media has done it’s job in alarming people of the consequences of this new Land Tax in particular tenants and we talk about what this will mean for them.
Terry unpacks the lack of process and planning around how this tax will be applied and how they will get the information they need in order to apply it.
Terry gives us some insight in to the trend of the past 5 years based on investors actually selling more than investors who are buying and the implications are dire – much lower vacancy rates.
Terry shares the example of what happened in Ireland.
We look at what would happen according to the QLD Government’s own website if you own one property in Victoria and another in QLD your land tax bill will almost quadruple per year!
The Mainstream Media is constantly telling us that the “property market” is in decline. Terry and I put paid to that myth and provide examples of regions that are still experiencing capital growth plus some capital cities too.
We debunk the supposed correlation between rising interest rates and falling property prices and explain what’s actually happening.
Terry reminds us of the right question to be asking ourselves about when to buy…You’ll have to listen to get the answer.