Tax on properties over 1 M ?

[Nominees]

I am not sure about this one... Is there some kind of a tax on properties that sell for more than 1 million?

Are there any implications for the buyer? for the seller?

Thanks,

Nom

 

[Michael Yardney]

Nom
There is no different tax treatment other than land tax which is dependant on how much property you own at Dec 30th each year and this tax also varies from state to state

 

[Nominees]

Hi Michael,

Thanks for the reply but I wasn't thinking about land tax.... rather a hidden tax when SELLING the property...

Cheers,

Nom

 

[DaleGG]

Hi NOm

No, there is no such tax at all.

Dale

Originally posted by Nominees
Hi Michael,

Thanks for the reply but I wasn't thinking about land tax.... rather a hidden tax when SELLING the property...

Cheers,

Nom

 

[BUNDY]

Michael,

In Qld, Land tax is based on properties you hold on 30 June every Year. Must differ in each state - just to confuse us all!!!

Cheers
BUNDY

 

[MarkB]

NSW Residents, FYI

http://www.osr.nsw.gov.au/pls/portal/docs/page/downloads/other/lt_fact_2003.pdf

MB