i wanted to post this in the general discussion, because thought it might get lost in the tax/accountanting section - and i wanted as many people as possible to learn from this lesson.
a warning about selling property out of a trust/company ... we've sold our elephant (cooling off ended yesterday) and we've got a rather large land tax bill outstanding for various properties held by the same company, going back 5 years due to a string of stuffups by osr and accoutant (and therefore ultimately myself - ignorance is not a defence).
i've spoken to land tax about paying out the bill for "the elephant" at the time of settlement, only to be told that according to legislation "everything" outstanding and still owing by the company to the osr has to be paid out at time of settlement to release the one property.
so instead of a land tax bill of $7,500 at time of settlement and the balance paid off over the next 5 months, we have to pay $22,000 in one lump. it does mean that we then don't owe anything further - but heck! another $14,500 out of our cashflow.
going from bad to worse really!
a warning about selling property out of a trust/company ... we've sold our elephant (cooling off ended yesterday) and we've got a rather large land tax bill outstanding for various properties held by the same company, going back 5 years due to a string of stuffups by osr and accoutant (and therefore ultimately myself - ignorance is not a defence).
i've spoken to land tax about paying out the bill for "the elephant" at the time of settlement, only to be told that according to legislation "everything" outstanding and still owing by the company to the osr has to be paid out at time of settlement to release the one property.
so instead of a land tax bill of $7,500 at time of settlement and the balance paid off over the next 5 months, we have to pay $22,000 in one lump. it does mean that we then don't owe anything further - but heck! another $14,500 out of our cashflow.
going from bad to worse really!