Qld Land Tax Question

[karina]

Can anyone tell me if in QLD you need to register for land tax or do they just send you a bill if you go over the threshold?

Also how do they determine if land tax is payable when you go to sell a property?

Also how does a 50% ownership affect my cumulative land tax say I have 500k in UCV in personal name and own 50% of a UCV that is valued at 200k, does that add 100k to my UCV total or 200k?

 

[mitta]

Can anyone tell me if in QLD you need to register for land tax or do they just send you a bill if you go over the threshold?

Hi Karina, Your properties UCV is provided to the OSR from the Dept of Natural Resources, who do their calculations in March each year. The OSR will then send you a bill according to this value and only when your threshold is passed.

Also how do they determine if land tax is payable when you go to sell a property?

It does not matter if you own the property or not, I mean you may still receive a bill ages past when you sold your IP. It matters when you actually had your name on the title. If you don't own the property as of midnight 30 June that year, you won't be considered for land tax. Say you sell your IP on the 1'st July you will still be liable for that new year, so if you are planning to sell and you also know you are going to receive a Land tax bill sell before 30th June.

Also how does a 50% ownership affect my cumulative land tax say I have 500k in UCV in personal name and own 50% of a UCV that is valued at 200k, does that add 100k to my UCV total or 200k?

We are talking IP's. It adds only 100k to your total now making it 600k, and as for 2006/07 tax year you would receive a bill for $1200 because you have the IP's in your individual names whereas your bill would be $6000 because you hold all of your properties in a Trust.

Mark

 

[karina]

thanks for this.

I wasn't sure whether I had to register or if they just send me a bill!!!