Land tax

[fullylucky]

Through the buying process would the buyer have paid ANY land tax?

Is it possible in any way?

 

[D.T.]

It varies in different states
In some, the conveyencer will make an adjustment for the proportion of the year of ownership. I assume this is what you meant?

In before another epic fullylucky thread

 

[fullylucky]

ok...

For deductions.

If you rent the property that includes internet and you pay the internet bills.

Which section should it go for deductions?

Sundry rental costs?

you can't just group it in with water charges?

 

[D.T.]

The categories are

Accounting Fees
Advertising for Tenants
Bank Fees
Body Corporate Fees
Borrowing Expenses
Capital Works Deductions
Cleaning
Council Rates
Depreciation on Plant
Gardening / Lawn Mowing
Insurance
Interest on Loans
Land Tax
Legal Fees
Pest Control
Property Agent Fees / Commission
Repairs and Maintenance
Stationery, Telephone & Postage
Sundry Rental Expenses
Travel Expenses
Water Charges

So yea, Sundry seems like the best spot. Fairly different topic to the previous post though?

 

[fullylucky]

The categories are

Accounting Fees
Advertising for Tenants
Bank Fees
Body Corporate Fees
Borrowing Expenses
Capital Works Deductions
Cleaning
Council Rates
Depreciation on Plant
Gardening / Lawn Mowing
Insurance
Interest on Loans
Land Tax
Legal Fees
Pest Control
Property Agent Fees / Commission
Repairs and Maintenance
Stationery, Telephone & Postage
Sundry Rental Expenses
Travel Expenses
Water Charges

So yea, Sundry seems like the best spot. Fairly different topic to the previous post though?

Oh ok thanks! yeah it's not to the topic of the thread... i thought i'd get a quick fast question in...

 

[fullylucky]

The categories are

Accounting Fees
Advertising for Tenants
Bank Fees
Body Corporate Fees
Borrowing Expenses
Capital Works Deductions
Cleaning
Council Rates
Depreciation on Plant
Gardening / Lawn Mowing
Insurance
Interest on Loans
Land Tax
Legal Fees
Pest Control
Property Agent Fees / Commission
Repairs and Maintenance
Stationery, Telephone & Postage
Sundry Rental Expenses
Travel Expenses
Water Charges

So yea, Sundry seems like the best spot. Fairly different topic to the previous post though?

Ok back to the land tax... I'm just trying to get my head around it.

Is my understanding correct:

if you own property on a certain day of the year you have to pay land tax for the full year. even if you don't own the property for the full year.

The previous owner must have owned the property on that date so they are required to pay the full land tax.

that means nothing happened on settlement? conveyance didn't reduce the purchase price by the land tax? and I pay the land tax in any way? so I wouldn't make any deduction claims for land tax?

 

[D.T.]

I think it varies per state. You're probably better off getting advice from accountant or conveyancer (although I know you don't like paying anyone).

Look up the OSR website for each state, it usually spells out most of the rules.

 

[jrc]

If no adjustment was made fir land tax at settlement then you have mot incurred an expense in relation to it, so there is nothing for you to claim

 

[skater]

Why not just wing it? Look up youtube & just decide where it goes, and if you have to pay it!

 

[Ed Barton]

Why not just wing it? Look up youtube & just decided where it goes, and if you have to pay it!

My hairdresser gives free tax advice with every haircut.

 

[skater]

My hairdresser gives free tax advice with every haircut.

Wow! That's great, but I just can't waste money on a professional to do my hair. I find that Hubby with a pair of scissors saves me heaps.

 

[EN710]

If in doubt, why not call OSR and ATO directly? Direct from the horse's mouth, it's free apart from your phone fees and you can make sure to use all those tax money you have paid to employ the staff

 

[Terry_w]

Through the buying process would the buyer have paid ANY land tax?

Is it possible in any way?

yes a buyer may have paid land tax at settlement by reimbursing the vendor.

 

[Terry_w]

Ok back to the land tax... I'm just trying to get my head around it.

Is my understanding correct:

if you own property on a certain day of the year you have to pay land tax for the full year. even if you don't own the property for the full year.

The previous owner must have owned the property on that date so they are required to pay the full land tax.

that means nothing happened on settlement? conveyance didn't reduce the purchase price by the land tax? and I pay the land tax in any way? so I wouldn't make any deduction claims for land tax?

No, your understanding is not correct

 

[Ed Barton]

Wow! That's great, but I just can't waste money on a professional to do my hair. I find that Hubby with a pair of scissors saves me heaps.

You'd look great with a buzz cut! You could do it yourself even and be 100% self sufficient.

Did you do your own hip replacement?

 

[Ed Barton]

No, your understanding is not correct

As usual. Anddd... loving it.

 

[sanj]

For someone who doesn't value the opinions on SS our old mate does seem to ask a lot of questions/start a lot of threads

 

[danwatto]

Check your settlement statement for land tax adjustment.

 

[skater]

You'd look great with a buzz cut! You could do it yourself even and be 100% self sufficient.

Did you do your own hip replacement?

No, Hubby did that! He's multi talented.