Not Recieving Land Tax Bill

[Dazz]

Is that the dream that wakes you up at night?

Nahhh, nothing like that for us. With only one property in the state, and with the official address listed as our PO Box, there can be no confusion such as this.

I reckon if the Council and the Sydney Water Authority can get there act together and successfully get their notices through, then the SRO can pull their finger out and do the same if they wish to contact me.

I'm yet to see anything in any of the links, websites or Acts which compel the Landowner, or place any obligation on the Owner to contact the SRO.

How does one definitively answer that all important question "If you are liable to pay the Tax ?"

 

[wylie]

I don't get it. The SRO knows what we own, knows which house is our PPOR, and sends us a bill for a bloody great hunk of money (compared to what we actually own) every year without fail.

I don't understand how other states can be different. Don't all government departments have computers?

How can the ATO know when you last passed wind, but another department cannot work out how to collate the houses that are owned in the same name?

Must be just because we are so clever here in Queensland

 

[cadence]

how Can The Ato Know When You Last Passed Wind, But Another Department Cannot Work Out How To Collate The Houses That Are Owned In The Same Name?

Hahahahaha

 

[jaycee]

I don't get it. The SRO knows what we own, knows which house is our PPOR, and sends us a bill for a bloody great hunk of money (compared to what we actually own) every year without fail.

I don't understand how other states can be different. Don't all government departments have computers?

How can the ATO know when you last passed wind, but another department cannot work out how to collate the houses that are owned in the same name?

Must be just because we are so clever here in Queensland

This is what I thought.

But I didn't think of about it long enough to come up with the same possible conclusion as you as to why

 

[coastymike]

Section 12 makes it quite clear. http://www.legislation.nsw.gov.au/fullhtml/inforce/act+26+1956+pt.3-sec.8+0+N#pt.4-sec.12

(1) The Chief Commissioner may by order published in the Gazette require all persons or specified classes of persons to furnish land tax returns for a specified year or years or for a specified year and each subsequent year.

For the 2011 year this was gazetted on 17 December 2010. http://www.nsw.gov.au/sites/default/files/Government_Gazette_17_December.pdf

Therefore under Section 12 as an order has been published then the rest of the section applies which requires taxpayers to furnish land tax returns.

The onus of responsibility is on the taxpayer. It is this return which will be used to determine your land tax liability. If you do not comply then the OSR is entitled to apply penalties and interest.

 

[jaycee]

So what doeat mean Mike ?

Everyone hwo owns property in NSW has to fill out a special tax return specifying what property they own ?

Sorry I dont understand how this works.

 

[coastymike]

Jaycee

Their are two main type of forms.

1. If you are not registered for land tax in NSW you need to complete the initial form http://www.osr.nsw.gov.au/lib/doc/forms/olt001.pdf
2. If you are registered for land tax in NSW and you have added or removed properties then there is a variation form http://www.osr.nsw.gov.au/lib/doc/forms/olt002.pdf

 

[Kaz111]

Hmmm

Still waiting for mine (all IPs in Victoria) - although this would be the 1st year I am liable for Land Tax so am waited with baited breath. The SRO website states:

Land Tax assessment notices are mailed out to you between February and late May each year.

Ip's held in FT name so will be interested to see if they get it right and collate all of them on the one notice.

 

[Crabnet]

So what doeat mean Mike ?

Everyone hwo owns property in NSW has to fill out a special tax return specifying what property they own ?

Sorry I dont understand how this works.

Looking at the situation in NSW it would be prudent to use the free land valuation search for NSW landowners here
https://shop.lands.nsw.gov.au/wps/portal/shop/pg3
and using the info in the Land Tax brochure here
http://www.osr.nsw.gov.au/lib/doc/factsheets/ofs_lt02_curr.pdf
average the 3 years land values to determine if you are above the threshold and liable to pay land tax.
As stated interest penalties for non compliance can apply as noted here.
http://www.osr.nsw.gov.au/taxes/other/taa/penalties/

 

[beachgurl]

I use to wonder why we weren't getting land tax notifications . Last year I saw ads in the paper stating that you had until a certain dare to lodge a land tax notification without penalty if you've never done this before. Not long after, we received a 17k bill for the past 3 years. On enquiry, they were happy to give me a payment plan over a number of months so it didn't hurt quite so much.

 

[NedKelly]

A friend of mine had six ip's in and around Brisbane. He sold one because it was not performing and dragging his portfolio but at settlement his solicitor needed extra cash from him to settle as he hadn't paid land tax for 4 years. His day of reckoning had arrived. He was expecting at least something back after paying out his bank. It certainly ruined his day.

 

[travelbug]

Well we got a phone call from our accountant saying we had to fill in the OSR forms THIS week. We were overseas so filled them in 6 weeks later. Sent them in. As far as IO was concerned we were under. 50% each ownership- under $387,000 each.

Fine- they sent us individual statements - yep under No payment.
But then we got a third statement in both names adding both ownership together and now we are over the $387,000 and we have to pay the joint one.

That stinks. That's they way they do it (so the girl on the phone said). You get a rebate if your individual one is over.

So if I bought the same $ amount of property but with 2 different people my tax would be zero but because I bought it all with my husband I have to pay.

 

[handyandy]

As already mentioned they will catch up when you sell - with all the penalty interest.

We were involved in a JV with a number of people and because we were already assessed for land tax the JV received a land tax assessment for the full VG amount but in my name. The other JV partners were not happy as most had never even heard of land tax. They all paid their share.

I had a win recently as they were grouping and assessing us in the >$2mil group with another .4% bonus tax. We had been paying this for years (the consolidated not the bonus tax) and I was complaining to the accountant about the bonus when he suddenly suggest that maybe we should appeal it as shares had been moved to a trust and should no longer be consolidated. After spending $1500 with the accountant I received a substantial refund.

Dazz I can appreciate the reluctance of putting up your hand but they will get you. They have covered all their bases.

Cheers