land tax in states other than NSW

Hi all,

Kathryn raised an interesting thread with her concerns about land tax in NSW. I also live in NSW and am very annoyed by land tax here. We have a land tax-free threshold of $261k for individuals (not much in Sydney), but trusts need to start paying land tax from the first dollar of land owned (ie, no exemption).

I'm just wondering what the land tax situation for IPs is like in Vic, Qld and WA for both individuals and trusts. Can anyone shed some light?

Cheers

John
 
QLD Tax

Threshold for QLD is $221,665 and it's for land held as of 30 Jun 02. Luckily for us, the land values are much lower than NSW so we've escaped this time around. Having said that though our land values for our QLD properties increased this year by $10k on one and $14k on the other :( . Trusts or companies pay land tax at $150,000.

Cheers,
Kathryn
 
No threshold in Canberra for Land Tax. It is payable on everything.

Northern Territory maybe the same because it is a territory like the ACT
 
Hi

I had one of my accountants prepare this basic summary and I hope it is useful.

Dale
 

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Hi everyone,

WOw. Thanks for the info. Much appreciated.

Still waiting for someone who knows about the situation in WA.

Cheers

John
 
Originally posted by WillG
No threshold in Canberra for Land Tax. It is payable on everything.
PPOR gets an exemption before land tax kicks in. IPs do not.

But of course you can claim stamp duty on an ACT property in the year you acquire it (because it's duty on a lesehold).
 
Victorian Land Tax Scales

/forums/photopost/data/506/182landtaxvic2003.jpg

[ EDIT: moved image to photo gallery and replaced with image link - Sim' ]
 
Last edited by a moderator:
Perhaps I am being a little naieve here but I am new to property ownership and IP's so I have no idea about land tax. Could someone please explain to about what it is and how it is calculated. I am in Sydney.

Hutch.
 
Hi

This is the SA rate of tax.

Up to $50, 000 Nil
$50,001 - $300,000 35 cents for each $100 or part $100 over $50,000
$300,001 - $1,000,000 $875 plus $1.65 for each $100 or part $100 over $300,000
$1,000,001 and over $12,425 plus $3.70 for each $100 or part $100 over $1,000,000

bundy
 
WA land tax as follows, (forum is stipping out the spaces in the table but its still just readable)

Regards,
Kim



LAND TAX RATES EFFECTIVE FOR THE YEAR 2002/2003 (1)


Aggregate unimproved value of the land

Exceeding ($) Not Exceeding ($) Rate

0 50,000 Nil

50, 000 100,000 $75.00 plus 0.15 cent for each $1 in excess of $50,000

100,000 190,000 $150.00 plus 0.25 cent for each $1 in excess of $100,000

190,000 325,000 $375.00 plus 0.45 cent for each $1 in excess of $190,000

325,000 550,000 $982.50 plus 0.80 cent for each $1 in excess of $325,000

550,000 850,000 $2,782.50 plus 1.20 cents for each $1 in excess of $550,000

850,000 1,250,000 $6,382.50 plus 1.60 cents for each $1 in excess of $850,000

1,250,000 2,000,000 $12,782.50 plus 2.00 cents for each $1 in excess of $1,250,000

2,000,000 5,000,000 $27,782.50 + 2.30 cents for each $1 in excess of $2,000,000

5,000,000 $96,782.50 + 2.50 cents for each $1 in excess of $5,000, 000

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How are trustees assessed for land tax?

A person in whom land is vested as trustee is liable for any land tax assessed on that land as if the land were his own. However, the assessment is kept separate from the assessment of any land held by that trustee in trust for any other person, and of any land held by the trustee in his own right.
 
Hi Hutch,

Land tax is imposed by the state government. If you own investment property in NSW you may be liable for land tax if the land value is worth more than $261k. Your principal place of residence is exempt (unless it is valued at over $1.6 million, in which case you pay a premium property tax), so it only affects investment properties. The rate notices should only be a guideline as they are only updated every few years, whereas the Office of State Revenue is sent a value every year by the Valuer General. If unsure, it's best to contact the OSR and they can give you the current value. It is based on what is owned as of 31 December each year. Hope this helps.

Cheers,
Kathryn
 
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