Can somebody please help me work out my land tax bill?

[The_Bludger]

Can somebody please help me with working out the land tax bill for both my wife and I. Note, property number 4 is owned by my brother and I, 50-50 split. All property in Victoria.

Property No 1 - Own with wife 50% each.

- Land value: $480,000

Property No 2 - Own with wife 50% each.

- Land value: $318,000

Property No 3 - Own with wife 50% each.

- Land value: $200,000

Property No 4 - Own with my brother 50% each

- Land value: $119,000

Also, if I were to buy IP number 5 in Vic with my wife, again 50-50 and land value was $450,000, what would the new calculations be?

I am trying to work out whether it is still viable to buy another in Vic or look to another state for land tax reasons. I've tried doing the numbers, but not 100% sure I am doing the right thing.

Thanks.

 

[StuartW]

Your wife and you will be primary taxpayers and tax on $998k of land is $2,965. Increasing the land value to $1,448,000 would increase the cost to $6,559.

Not completely sure how the other property owned jointly with your brother will be treated.

See http://www.sro.vic.gov.au/SRO/SROCalcs.nsf/landtax?OpenForm

Buying another property interstate may mean you'll be under that State's tax free threshold and not pay any land tax (e.g. QLD). Plus you'll get some geographical diversification.

 

[jrc]

Subject to any CGT implications, the stamp duty exemption for transfers between spouses in Victoria might make considering a restructure worthwhile