Dear PI Gurus,
A quick enquiry with our current position. Been living in current PPR that we purchased 12 years ago. Purchased existing property nearby which settled in Jan 2017 with plans to knock it down and rebuild a new home that will become our new PPR later this year.
From Land Tax perspective, do we only get exemption for the current PPR or could we also get exemption for the new place that has been knocked down and will be ready in 3 months time?
Look forward to your replies and thank you in advance.
Cheers’
NM7Depends on the state the properties are in
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks for your reply Terry. This is in VIC.
Hello folks …. anyone able to share their expertise on this matter?
I checked out https://www.sro.vic.gov.au/pprexempt#11 which does indicate both the new PPR and old PPR will be exempt from land tax provided new land isn’t generating income and we fit in that category as we knocked down the place as soon as the settlement took place.Look forward to your views.
Check out hte victorian land tax act.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks Terry – seems like I can request for a refund of land tax paid once construction is completed and certificate of occupancy is issued. Requirement is to be in the new property for at least 6 months to be eligible for the refund.
Sharing the link in case this helps others: https://www.sro.vic.gov.au/videos/sro-hot-topic-do-you-pay-land-tax-while-building-home-vacant-land
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