Land tax assessment in Co

[Feradd]

Was wondering how land tax is assessed for properties held in a trustee company operating for a trust. Is the company assessed as a seperate entity to the individual directors of the company? Does the company have a tax free threshold?

For example myself as sole director of company which holds a property in NSW. Would I be assessable for land tax for properties held in my own name plus the land held in a company all lumped together? Or would I be assessed as an individual first with an individual threshold and second as a company with the company threshold (if any)? Assuming all properties are in NSW.

Many thanks

 

[Terry_w]

Was wondering how land tax is assessed for properties held in a trustee company operating for a trust. Is the company assessed as a seperate entity to the individual directors of the company? Does the company have a tax free threshold?

For example myself as sole director of company which holds a property in NSW. Would I be assessable for land tax for properties held in my own name plus the land held in a company all lumped together? Or would I be assessed as an individual first with an individual threshold and second as a company with the company threshold (if any)? Assuming all properties are in NSW.

Many thanks

Trusts generally have no tax free threshold in NSW.

 

[Feradd]

Thanks Terry.
Would the trust be taxed on the full unimproved land value?

 

[Terry_w]

Thanks Terry.
Would the trust be taxed on the full unimproved land value?

If a discretionary trust then levied on the full unimproved value of the NSW land without any tax free threshold that an individual would receive.

 

[Feradd]

Ok, thanks Terry much appreciated. In my case it would be a discretionary trust. Just out of interest would it be treated differently if it was a unit trust?

 

[Terry_w]

Ok, thanks Terry much appreciated. In my case it would be a discretionary trust. Just out of interest would it be treated differently if it was a unit trust?

If it was a fixed unit trust the unit holders are considered owners and can get the threshold - $406k per individual unit holder.