Hi everyone,
I have a few questions:
1) Does anyone know if we pay land tax on vendor finance deals in NSW?
2) Where can I get info on rental returns? (as I don’t trust the RE Agents)
3) If any of you have a lawyer, accountant, mortgage broker or insurance agent that are wrap friendly, could you let me know?
Thanks
Go Girl [
][
]Hi,
I’ll have a stab at your questions…
quote:
1) Does anyone know if we pay land tax on vendor finance deals in NSW?I don’t know specifically for NSW, but in Victoria there is a form that the client signs to say they have beneficial owndership. The effect is that because it is a residential house, there is no Land Tax payable. I suggest you contact the NSW body for administering Land Tax and see if there is something similar.
quote:
2) Where can I get info on rental returns? (as I don’t trust the RE Agents)There is a good range of rental information available (for a fee) from the Real Estate Institute of Australia
quote:
3) If any of you have a lawyer, accountant, mortgage broker or insurance agent that are wrap friendly, could you let me know?There was a post listing out this information recently. I also know that the Wraps and Vendor Finance Association has a good list.
Regards,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********
Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Re the Land Tax issue – I attended the Sydney Vendor Finance (Wraps) Association meeting last night and the question came up. Rick Otton has been speaking with “the proper authorities” and says that if you object within the timeframe allowed and advise that the property is not being used by you but by the purchaser who has all the usual rights to the property just not the title, you should not have to pay the tax.
Now, I can’t guarantee that I got all the above right, but the concept is there. Best to check with a solicitor(?) first.
The point is that you can apparently do something about it.
Dianne
Hi Dianne,
I must be confused about your post. I emailed a portion of your post to my solicitor and asked her to investigate. I thought that we maybe able to get a concession or something on land tax as we have have sold our house and are settling in March. As you know land tax is charged Dec-to-Dec. We have never lived in the property.
The solicitor came back with a reply in reference to your post,”its only applicable if the purchaser moves in before settlement”.
Just thought I would run this past you to see what you thought and if I have my wires crossed.
regards
4walls
Hi 4walls
What Dianne is refering to only applies to wrappee’s who occupy the wrapped property and for all intent are the bennificial owner, although they do not actually settle on the property until the end of the terms contract.
In your case, as I understand your situation, either you or your tenant will occupy your house until settlement thus you are still the bennificial/actual owner and as such any land tax is to your account.
If you had wrapped the property then from the point of your exchange the excemption would apply as the wrappee would take immediate possesion.
Hope this clarifies it
Cheers
]
]
The topic ‘Land Tax’ is closed to new replies.
