How does land tax get calculated on equal joint ownership?
Say the threshold is at 600k and land is worth 800k, does the joint ownership gets considered as one entity like NSW and get hit with a land tax (800k > 600k), or does it get split in 2 from the beginning and considered only to each person share so that 400k < 600k and won't need to pay land tax?
I hope above make sense!
Say the threshold is at 600k and land is worth 800k, does the joint ownership gets considered as one entity like NSW and get hit with a land tax (800k > 600k), or does it get split in 2 from the beginning and considered only to each person share so that 400k < 600k and won't need to pay land tax?
I hope above make sense!