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Clause 14 of the standard NSW contract refers to adjustments. Adjustments include rates, water etc... and land tax based on the adjustment date. That's the settlement date. If that is delayed the seller will impose the land tax on the buyer. That's why a special clause assists as it removes...

Stamp Duty on 50% of the market value of the property. and CGT based on the 50% disposal. (based on market value). OSR will require a valuation and you cant choose $1 as the consideration. Do the maths before acting.

You could have avoided the land tax altogether if you bought a property in any state other than NSW. Its really a strategy that all investors with a land tax bill (should firstly) consider. Whats done is done. Tip : Buy elsewhere next time. One of the problems with land tax is it keeps...

My comments in bold. You bought a property with unimproved land of $500K and you didn't expect land tax ?? Oh boy. Its one of the golden rules in investing. Spread the tax liability. ie buy QLD next, or WA etc... A separate threshold for each state. I would make a payment arrangement. Unpaid...

Surely as a investor you realise that if total land exceeds $432K (unimproved land value) its subject to 1.6% (or higher). Land tax also applies AS AT 31 December at midnight. (In NSW). Its not pro-rata. You acquired a new property with unimproved land valued at $500K...It was inevitable...