Could someone please help me with regard to whether land tax is applicable for the investor on wrapped properties? My understanding is that as the property has been on sold on a terms contract the wrappee owns the property and no land tax applies but I have had two responses from SRO in Victoria. One saying it applies and the other saying it doesn’t. If they don’t know, who does?
Thanks,
Bub…
I paid land tax on my wraps in VIC, but I remember that there was a form which you could send in and claim an exemption, and I beleive having sold the property on a terms contract was a valid point for exemption. I just never followed it up as it was too small to worry about.
It seems everybody is getting different from different staff in the same givt departments. It may be wise to email them so that you get a reply in writing.
Terryw
Discover Home Loans
North Sydney
[email protected]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
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