Also about land tax

[THEGREAT888]

Hi Members

Another question about land tax

How will the land tax be calculated for the property owned by more than one person.

Say the NON PPOR land worth $1000000(exaggerated figure)

Owned by my partner 70% and myself 30%

Would the land tax be proportionated for each individual.

From the figure above, my calculation will be

partner is paying the land tax for the figure $700000.00
myself is paying land tax for the figure of $300000.00( no land tax as it is below $398000 threshold for nsw)

Could this be confirmed by members

thank you in advance

t

 

[Crabnet]

Hi Members

Another question about land tax

How will the land tax be calculated for the property owned by more than one person.

Say the NON PPOR land worth $1000000(exaggerated figure)

Owned by my partner 70% and myself 30%

Would the land tax be proportionated for each individual.

From the figure above, my calculation will be

partner is paying the land tax for the figure $700000.00
myself is paying land tax for the figure of $300000.00( no land tax as it is below $398000 threshold for nsw)

Could this be confirmed by members

thank you in advance

t

I suggest reading the Office of State Revenue site for the land tax assessment of joint owners.
http://www.osr.nsw.gov.au/lib/doc/factsheets/ofs_lt06.pdf
How the amounts are apportioned for personal income tax assessment would be a different matter.

 

[THEGREAT888]

Thank you Crabnet.

good news. no land tax payable for my portion. hooray.

t