Land tax - what do you do

[scientist]

Once you hit your state threshold for land tax (for both you and your partner), what do you do?

Do you buy interstate or do you cop the land tax? or is there a third option?

I'm facing this choice soon and would like some input. Also added a poll.

 

[D.T.]

Another - reach threshold in own name then get a trust to get clean slate to go again.

 

[devank]

Another - reach threshold in own name then get a trust to get clean slate to go again.

It works only in QLD doesn't it?

 

[D.T.]

It works only in QLD doesn't it?

AFAIK, only *doesnt* work in NSW.

 

[wategos]

You'd think the states would close these land tax loopholes, e.g. only allow the threshold in the state of residence, identify beneficiaries of trusts, etc.

 

[Joe D]

You'd think the states would close these land tax loopholes, e.g. only allow the threshold in the state of residence, identify beneficiaries of trusts, etc.

Actually i would have hoped that the States would see sense and get rid of all these ridiculous hidden taxes (landtax. stamp duties etc) but I know that will never happen.

 

[wategos]

Actually i would have hoped that the States would see sense and get rid of all these ridiculous hidden taxes (landtax. stamp duties etc) but I know that will never happen.

I agree Stamp Duty is ridiculous but Land Tax is one of the fairer taxes that should be broadened to include all land.
http://taxreview.treasury.gov.au/co...s/Papers/Final_Report_Part_2/chapter_c2-4.htm

 

[Nemo30]

You pay land tax on each investment property in the ACT - there is no threshold.

 

[danwatto]

There are thresholds in ACT for when the rate changes.
But no tax free threshold. Rates are not to bad overall.

 

[Nemo30]

There are thresholds in ACT for when the rate changes.
But no tax free threshold. Rates are not to bad overall.

Much more expensive in the ACT compared to NSW until you get well over $1mil land value.

 

[CHAOS]

AFAIK, only *doesnt* work in NSW.

Do you really get a new land threshold if you buy in trust in Vic?

 

[Terry_w]

Do you really get a new land threshold if you buy in trust in Vic?

noooooooooo

 

[Terry_w]

Sorry, let me elaborate.

Trusts get a threhold of $25,000 in vic.

 

[allsuccess]

Cop the land tax

 

[Coota9]

Can anyone list Land Tax threshold by state and entity-own name,trust etc..

 

[Terry_w]

Can anyone list Land Tax threshold by state and entity-own name,trust etc..

Yes, I have a table done - but you will have to wait for my book in 2020....

 

[Coota9]

Wow...only 6 years to wait..

 

[Terry_w]

Wow...only 6 years to wait..

Just waiting on the off chance they may change the laws again.

 

[Coota9]

Terry..can you pre order?..

 

[cu@thetop]

Once you hit your state threshold for land tax (for both you and your partner), what do you do?

Do you buy interstate or do you cop the land tax? or is there a third option?

I'm facing this choice soon and would like some input. Also added a poll.

Deed Poll. ?
Or perhaps separate corporate entity (or 3) to hold asset?