An article in the SMH today regarding a high profile banker (in NSW) being slugged for $1m+ for land tax despite his,
"objection to the tax assessments was that their expenses for those three years exceeded the income from the property and they were therefore eligible for a land tax exemption."
Can anyone shed light on the above exemption eg section of the Act.
Thanks
Tony
"objection to the tax assessments was that their expenses for those three years exceeded the income from the property and they were therefore eligible for a land tax exemption."
Can anyone shed light on the above exemption eg section of the Act.
Thanks
Tony