Land tax.
- Thread starter james110
- Start date
OSR: If you own several land items, the value of all your liable land is added together. You will then be charged land tax on the combined land value above the land tax threshold.
Total of all props except your home. Each years value is averaged to smooth 3 years. The threshold is a 3 yr avg not at a point in time. So addition of all props.Joint land is treated differently. Units in a land owning unit trust will be treated as a % share of the land too.
If a trust owns land threshold may be zero too. SMSFs have a threshold too.
My professional suggestion to all clients is register. If its under threshold no assessmnet is issued. That gives peace of mind. Easy to forget to do it later and get caught when you get the land tax clearance cert when you draw up the sale contact.
If a trust owns land threshold may be zero too. SMSFs have a threshold too.
My professional suggestion to all clients is register. If its under threshold no assessmnet is issued. That gives peace of mind. Easy to forget to do it later and get caught when you get the land tax clearance cert when you draw up the sale contact.
It is quite confusing. Each entity has one threashold. eg a husband and wife are one entity (if you bought together). Plus you also get an individual bill. If you have a bill for both one receives a discount.
The way it is set up one person can hold the same amount of property as another and one may pay tax and another not.
Find ut the rules before you buy too many properties. Had I known I would have bought my last few in either mine or mu hubby's name and not together. That would have saved thousands of dollars a year. Lesson learnt. Now we are selling a few in joint names and buying others in seperate names.
Type this into google. Lots of stuff.
site:somersoft.com "land tax threshold"
Examples.
http://somersoft.com/forums/showthread.php?t=93065
http://somersoft.com/forums/showthread.php?t=87793
The way it is set up one person can hold the same amount of property as another and one may pay tax and another not.
Find ut the rules before you buy too many properties. Had I known I would have bought my last few in either mine or mu hubby's name and not together. That would have saved thousands of dollars a year. Lesson learnt. Now we are selling a few in joint names and buying others in seperate names.
Type this into google. Lots of stuff.
site:somersoft.com "land tax threshold"
Examples.
http://somersoft.com/forums/showthread.php?t=93065
http://somersoft.com/forums/showthread.php?t=87793
