Land tax for SMSF

[drfuzzy]

My Dad has 10 holiday apartments owned in a bare trust within his superannuation (pension phase). The apartments are in Victoria (regional). He has been paying land tax for the past 1-2 years. His accountant now tells him that he shouldn't be paying land tax. Is this correct? Is there a way he can get the land tax back?

Thanks,
Michael.

 

[Scott No Mates]

On what basis? Unless he holds an exempt trust there will always be the liklihood of LT.

 

[Terry_w]

In Vic I believe SMSFs are treated as excluded trusts and are not subject to the surcharge rate of tax. ie general rates would apply - $nil for land value under $250k

Must fill in
LTX-Trust-08 - Notice of trust acquisition of an interest in land
http://www.sro.vic.gov.au/sro/srona...?open=&searchgroup=Entire+Site&x=0&y=0&query=[udfTXT_1]contains%20LTX-Trust-08%20OR%20[DocAdditionalKeywords]%20contains%20LTX-Trust-08

within one month of acquiring the land.

 

[Redwood]

My Dad has 10 holiday apartments owned in a bare trust within his superannuation (pension phase). The apartments are in Victoria (regional). He has been paying land tax for the past 1-2 years. His accountant now tells him that he shouldn't be paying land tax. Is this correct? Is there a way he can get the land tax back?

Thanks,
Michael.

Hi Michael, For Vic, SMSF are still liable to pay land tax,only if the total value of properties owned by the fund exceeds the threshold amount which is $250k for VIC I believe.