Free NSW OSR webinars for land tax

I just found this email in my overloaded inbox.

May be of interest...

Hello,

We are currently conducting series of webinars on land tax to help you understand your obligations as well as the exemptions available:

Land tax - An overview (10.00am, 10 March 2015)
Land tax - The principal place of residence exemption (10.00am, 17 March 2015)
Land tax - Trusts (10.00am, 24 March 2015)
Land tax - Primary production and other exemptions (10.00am, 31 March 2015)

Register to book your place:

https://www.apps08.osr.nsw.gov.au/erevenue/sem/webinars.php?mode=current

For more information, you can contact the client education unit on 02 9689 6138 or client.education@osr.nsw.gov.au.
Thank you.
 
Learnt something new.
Question: Say, land value for A+B = $432,000 (no land than at this stage)
Now, A buys another land for $100,000.
Does A need pay any land tax now?

Answer: What will happen is that you will receive a nil assessment for A + B, however, A's interest in that property will be added to his/hers $100,000. If the ownership is 50% then A's account will be $100,000 + $216,000 = $316,000. As this is still under the threshold no land tax would be payable. However, if B's individual property is say $400,000 then his land value would be $400,000 + $216,000 = $616,000.
 
The second webinar is on at 10am today. Here are the slides
 

Attachments

  • Land Tax Webinar 2 - PPR.pdf
    342.3 KB · Views: 148
I had a question about one of the exemption notes on page 16

regarding absence exemption "cannot rent out PPR for more than 6 months in a year"

I have been renting out our home for past 2 years while overseas (that was originally PPOR) and still am electing to treat as main residence, does that mean I should be paying land tax? I thought you only start paying land tax if it becomes an IP such as if you contined to rent it out your PPOR beyond 6 years?
Thanks a lot!
 
I had a question about one of the exemption notes on page 16

regarding absence exemption "cannot rent out PPR for more than 6 months in a year"

I have been renting out our home for past 2 years while overseas (that was originally PPOR) and still am electing to treat as main residence, does that mean I should be paying land tax? I thought you only start paying land tax if it becomes an IP such as if you contined to rent it out your PPOR beyond 6 years?
Thanks a lot!

Yes land tax probably payable. see cl 8(7) of Schedule 1A
http://www.austlii.edu.au/au/legis/nsw/consol_act/ltma1956173/sch1a.html
 
thanks Terry, I will give them a call to find out the damage fir the past 2 years and register etc. I hope I dont have too big a penalty if I call them up now and pay it all off pronto?
 
thanks Terry, I will give them a call to find out the damage fir the past 2 years and register etc. I hope I dont have too big a penalty if I call them up now and pay it all off pronto?

Yes good idea to call and discuss with them - tell them you only realised because of their webinars and this will make them happy.

Better to do it now so you can claim it on the tax too.
 
I just called and registered and they said I will get a combined bill for the past 2 years and this year all in one and will allow to pay by 3 installments and that I will have no penalties or interest.
 
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