Land tax - recalc after selling IP x2

[Georod3]

I have my land tax due in mid feb $1600, this is for the 2011-2012 period.

However I sold both my IP's around December , so half way..

Does this mean I can request a recalculation ?

And would only owe half this amount for the year.

I have bought another property but this is now in a family trust, so no longer an issue on my tax.

 

[wylie]

In Queensland (not sure about other states) the calculation is on the land that is owned on a certain day of the year (30 June, I think).

Doesn't matter if you sell a property on 2nd July. My understanding is that you will pay land tax on it because you owned it on the 30th June.

 

[Georod3]

Geez, so new owners pay post 30th June 2012..

Crap, I was hoping for a pro rata type system

 

[buzzlightyear]

Wylie is right, (not that I doubted it)

Link is here.

Same principle in Vic, except we go by calendar year (ie 31 December as the cut off date).

 

[Georod3]

Yep had a response from the OSR.. All me this year.. Oh well..

New property is in a famaliy trust.. So no tax free threshold in Qld ..

Well I think that's correct...

Should be lower. New land value is half of the previous.. 2 x IP's

 

[Scott No Mates]

Does the Qld contract of sale have the provision for adjustment of land tax similar to the NSW contract?