Land Tax

Hi i'm in the last day of the cooling off period and i'v only just been advised that the land tax was ticked yes meaning i will need to pay an adjustment even though i'm under the threshold.

is there any way out of this?

is there a way to find out how much it will be?
 
Hi i'm in the last day of the cooling off period and i'v only just been advised that the land tax was ticked yes meaning i will need to pay an adjustment even though i'm under the threshold.

is there any way out of this?

is there a way to find out how much it will be?

Untick it or tell the vendor the deal is off.
 
Tell you're solicitor to grow a set and advise their solicitor that you do not agree to pay their land tax bill. It's totally normal to alter the terms of the contract during the cooling off period.
 
Hi i'm in the last day of the cooling off period and i'v only just been advised that the land tax was ticked yes meaning i will need to pay an adjustment even though i'm under the threshold.

is there any way out of this?

is there a way to find out how much it will be?

If still on the cooling off you have time to negotiate. Ask the other side to clarify the amount.
 
im new to this issue with land tax but expect to come across it shortly. Would you apply after for an adjustment to SRO?

I have just paid land tax in victoria for an investment property up till end of the year. i plan to sell it shortly and understand you apply for an adjustment from settlement date.
 
Why was this not picked up sooner? Your solicitor should have noted this when you sent the contract for initial review....
Most vendors are reasonable and will change box to NO however you do need to be assertive in your request. Good luck.
 
im new to this issue with land tax but expect to come across it shortly. Would you apply after for an adjustment to SRO?

I have just paid land tax in victoria for an investment property up till end of the year. i plan to sell it shortly and understand you apply for an adjustment from settlement date.

SRO don't make refunds. You need to try to ask the purchaser to reimburse you
 
im new to this issue with land tax but expect to come across it shortly. Would you apply after for an adjustment to SRO?

I have just paid land tax in victoria for an investment property up till end of the year. i plan to sell it shortly and understand you apply for an adjustment from settlement date.

Land Tax isn't paid for a year ended like income tax which spans a year. It is paid AS AT Midnight 31December 2014 (Victoria / NSW etc). If an investor buys a property on 31December 2014 they will incur a full year of land tax despite having only owned the property for that day. And if an investor owns the property the whole year until sale to a owner occupier on 31 December 2014 there is no land tax payable. (Subject to conditions)

There are always two issues with land tax:
1. Liability of the owner at 31Dec; and also
2. Terms of the contract

Diligent legal advice would consider if the clauses in the contact appear to impose a liability on the buyer (2 above) THEN the lawyer would make enquiries to determine if the vendor has such a liability (1 above). The clause doesn't mean land tax WILL be adjusted.
 
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