Land Tax Changes
Investors and multi property owners should be wary of the land tax threshold that will be lifted from the 1st January 2005. Holiday houses and investment properties that may have had a land value lower than the current tax-free threshold of $317,000 will attract land tax from next year onwards:
Taxable value of land = < $400K Land tax = 0.4% of land value
Taxable value of land = $400K-$500K Land tax = $1,600 + 0.6% of land value above $400K
Taxable value of land = > $500K Land tax = $2,200 + 1.4% of land value above $500KAlthough this may seem as a set back the rates have fallen and discounts also apply for early payment. It should also be noted that land tax will be assessed as at 31 December 2004. Notices would have already been sent mid month in the mail by the NSW Government outlining the assessed value of land which is open to dispute until early next year.
This information is extracted from an email I received from Integral Mortgage Corporation.
Robert Bou-Hamdan
Mortgage Adviser0414 347 771
[email protected]
http://www.mortgagepackaging.com.auFREE Finance-Related Newsletter – Click Here
Comments made are of a general nature and should not be construed as individual advice.
© 2004 Mortgage Packaging Pty Ltd
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