All Topics / Help Needed! / NSW Investing

Viewing 3 posts - 1 through 3 (of 3 total)
  • Profile photo of kidrockkidrock
    Member
    @kidrock
    Join Date: 2005
    Post Count: 2
    February 19, 2005 - 5:23 am

    Am looking to start investing, have a good sum of cash saved but am not sure of the different taxes between states. I already own my home in Sydney but am unsure of what penalties I would have if I bought another property in NSW??

    Any help/advice would be appreciated.

    cheers..

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544
    February 19, 2005 - 12:56 pm

    Hi Kidrock,

    Your own home will be free of stamp duty and vendor tax in NSW. However should your IP be in NSW you will be up for land tax every year and if you ever sell a vendor tax of 2.25% of the value of the sale.

    If however you invest interstate you may still be up for land tax depending upon the land value of your investments.

    For details on land tax and/or stamp duty, which are both state levied taxes, visit the appropriate office of state revenue (or whatever they are called in that state) to find out what you’ll be up for.

    Derek
    [email protected]
    0409 882 958
    Property investment advice and researched property in quality locations available.

    Profile photo of kidrockkidrock
    Member
    @kidrock
    Join Date: 2005
    Post Count: 2
    February 21, 2005 - 12:47 pm

    Hey Derek,

    Thanks for the advice.

    kidrock

Viewing 3 posts - 1 through 3 (of 3 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.