[strum] I am looking at purchasing a 2nd investment property. I am already paying some land tax on the first. Will the land tax threshold be reset for each individual property.
EG 1st property NSW Land Value $329,000
Threshold $317000
Tax paid on the difference basically2nd property Land value 200,000 is their any tax land tax on this.
ADJAPOUR29220,
The land tax amount is based on the total land value of all liable land owned at midnight 31 December 2003.
Therefore, land tax would apply, in your case, to $529k – $317k = $212k.
$212k * 1.7% + 100 = $3704 Land Tax
James
[fart]Thanks James, for you prompt response.
So much for staying in NSW for Investing. I have also read that Land Tax is tax deductible.Warm regards
Yes you are correct – land tax is deductible.
James
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