How would one minimise the amount of Land tax payable on properties in NSW?
For example:
Client: Land value of $500,000
Estimated Land Tax ($500,000-$412,000) x 1.6% + $100 = 1,508
Spouse: Land value of $550,000
Estimated Land Tax ($550,000-$412,000) x 1.6% + $100 = 2,308
Planning on buying a 3rd property, estimated Land value of $600,000
What is the best way to reduce land tax?
Going off the OSR site, it appears that at this level, there is about $100 difference between buying property 3 in a trust vs joint.
Can't buy the property in SMSF as there is not sufficient funds.
For example:
Client: Land value of $500,000
Estimated Land Tax ($500,000-$412,000) x 1.6% + $100 = 1,508
Spouse: Land value of $550,000
Estimated Land Tax ($550,000-$412,000) x 1.6% + $100 = 2,308
Planning on buying a 3rd property, estimated Land value of $600,000
What is the best way to reduce land tax?
Going off the OSR site, it appears that at this level, there is about $100 difference between buying property 3 in a trust vs joint.
Can't buy the property in SMSF as there is not sufficient funds.