Land Tax

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connop10742
Participant
@connop10742
Join Date: 2003
Post Count: 1
October 29, 2004 - 8:24 am
I have purchased 5 PI’S in SE QLD over the past 4 yr’s.My last Land Tax bill was around 5k and as i have just recieved the new valuations wich have nearly doubled ,i could be paying around $200/wk just in land tax.
Can anyone advise me on this?
Thankyou
Mark
Derek
Member
@derek
Join Date: 2004
Post Count: 3,544
October 29, 2004 - 9:18 am
Hi Mark,
Minimising land tax can be accomplished by purchasing the properties under different arrangements.
Eg some in individual names, some in joint names and/or in different trusts.
Particularly in the case of different trust structures the annual running costs of a trust (among other things) would have to be matched up against the tax and security benefits of buying in a trust.
Derek
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Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
October 30, 2004 - 9:47 am
I’ve seen a recent example where $10,000 in land tax was simply reduced to $5000 by splitting a trust up into two trusts with one property each.
Since Land tax is incremental, the more you own in one name, the higher the percentage you pay.
Terryw
Discover Home Loans
North Sydney
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Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au