Land tax deductibility

Hiya

Quick question:

If you paid land tax as a lump sum; how do you apportion the amount across EACH investment property for tax purposes?


And on top of that, how do you apportion it with your spouse?:eek: as i have to file 2 tax returns...

If it is not too much to ask , an example would be much appreciated :D

tks from Jen-who can't change a lightbulb and now discovers she can't count either:D
 
Hi Virgo,

I apportion the NSW land tax as follows:

IP1 $750000
IP2 $420000
IP3 $350000
PPR $850000

Total land value: $2370000
Less PPR exemption: $850000
Less threshold: $412000
Taxable value: $1958000

Tax payable: $1958000 @ 1.6% +$100
= $31428

IP1 $750k/$1958k x $31428 = $12038
IP2 $420k/$1958k x $31428 = $6741
IP3 $350k/$1958k x $31428 = $5618
 
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