Hi guys,
I own 1 x investment property under my name only.
1 x PPR under my wife name only.
Recently, my wife received Land Tax Assessment Notice for PPR, which is under her name only.
I never received any assessment notice for the investment property.
Can/Should I claim land tax exemption for PPR, which is under her name?
Saying that, I never received any assessment for investment property. Is this something I need to report/register to SRO? If I didn’t do it, it’s my fault and I must pay some sort of penalty?
Thanks
In Victoria, the exemption threshold is $250k worth of land. If you look at the council rates notice for the IP and look for the land only valuation, you’ll probably find it is less than $250k, so you owe the SRO nothing in terms of landtax.
Normally it is the job of your solicitor/conveyancer to lodge details of your purchases with the SRO, but if you are concerned, give them a ring and make sure they are aware of your holdings.
Primary residences are exempt from landtax, so I am not sure why your wife got a landtax notice for your home. Was it an investment property at some stage? If so, did you notify the SRO that it is now your home because you are living in it?
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
You are right. My investment site/land value is below $250K.
My current PPR under my wife name was previously use as rental property from previous owner. I didn’t notify SRO when I bought it because I didn’t know I have to do it. Is it my job or conveyancer to notify SRO?
Now, I need to lodge Land Tax exemption request to SRO. I need to supply proof that it is my wife PPR. This is challenging as all bills are under my name.
Anyway, thanks for the quick reply.
When you decided the IP would become your PPOR, there was no conveyancer or solicitor involved (whereas there would be when you are acquiring a property). As such, it would be your responsibility to contact the SRO. I am sure your solicitor would happily do it for you, however there would of course be a fee for their time. As this is something that you can do yourself, you might as well save yourself a few dollars.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
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