Well there is a lot of that getting around in Queensland, with the recent increases in property values.
Even where property is owned by an individual, land tax is assessed on its unimproved value insofar as it exceeds $599,999, so this year there have been a number of people receiving bills for land tax because the unimproved values of their home (or their home and investment property) are $600,000 or more.
But there is an exemption from land tax for your home, you only have to apply for it. That applies also in some cases where the property is owned by a trust.
To apply for the exemption, go here https://www.business.qld.gov.au/running-business/support-assistance/qro-online/how-to-guides/land-tax-exemption
Whether an exemption applies to a property owned by a trust, and establishing the right to it, can be a little fussy. Our property lawyers can help – contact Megan Hanneman meganh@qbmlawyers.com.au.
