land tax

[scouse]

sorry I'm new to this & only have 3 IP's and of course have a stupid question.
My parents rented their home of 20yrs and did the great caravan trek up north, now they have been given a land tax bill of $8000.
Is land tax on CIV or site value?
Is it reclainable at the end of the tax yr?

 

[Mondie]

Welcome to the forum.

You 'only' have 3 IP's....that is a great effort!

To answer you question land tax is based on the site value as shown on your rates notice. Its a state tax and as far as l am aware, isnt claimable back. What state is the property in, as others who are more familiar with the workings of land tax maybe able to give you some more detailed advice?

Cheers

 

[bundy1964]

Hi Scouse

Land tax is payable on the unimproved value of the land in Victoria.

Pinched from their webpages is this -

$1,080,000 - $1,619,999

$7,630 plus 2.75 cents for every $1 of the value that exceeds $1,080,000

$8000 in land tax for a year would be a nice PPOR to have or the land tax people have got their sums wrong.

It is claimable as an expence.

bundy

 

[abcdiamond]

In case anyone wants a list of websites for land tax details in the various states, there is a list here :

http://msi-network.com/content/doing_business_in_australia_landtax.asp

 

[scouse]

thanks for the comments. i have ip's in vic.
my parents were lucky to buy near the beach in adelaide 20yrs ago.

 

[layer181]

Thanks for the link ABC
cheers layer181