In the calculators section, the Land Tax calc’s for NSW are incorrect. Not sure about the other states havent got around to checking them…
Hi
The tax and duty calculators are for reference only and to be used as a rough guide, please see the help file for this explanation. When I entered the tables they were correct, however that was a while ago.
I plan on making this a configureable option in ID in the near future.
You should always check the relevant authority regarding this information, given state governments constant changing minds, its hard to keep up.
Regards
Philip Batey
JATPAC DesignsAuthor of Investment Detective
Just a thought for future versions…. but is it possible to make this table updateable via an internet connection? ie. if an internet connection is available, the software will update the table from a central server with the latest figures… saves everyone having to monitor and maintain.
Hi
The information in the tax and duty tables changes at the whim of governments and keeping this info up to date is a big job.
I will be making this configureable and each time I, or anyone who wants to help, updates the figures, I will make the changes available for download.
As I said, you should “always” check the latest tables from the relevent authority to make sure you have conducted the appropriate due diligence.
Regards
Philip Batey
JATPAC DesignsAuthor of Investment Detective
Hi pbatey,
I appreciate the fact that land tax data can / does change at times, but I really do think that ID should have all of these things up to scratch. When a product promotes itself as a serious tool for investors, one which will save them lots of valuable time, and at the same time charges them a considerable sum, then as a consumer I expect it to satisfy those claims. There are 6/7 jurisdictions in terms of land tax and considering the considerable effort that has been put into producing ID I would have thought including current up to date data on land tax would be a pre-requisite. Land tax is a major cost for investors and in NSW the changes were made public last April, for the current Land Tax yr. Any update improving this feature would be most appreciated, but at the same time the idea of including a configurable option is not the answer. Land tax rates vary at different levels and to ask someone to research and input that data is contrary to what this product aims to deliver: Time efficiency
Hi
Thanks for your feedback and ID certainly is a serious tool and I believe it does save you time.
While I can appreciate that you want the best tool that will help you invest profitably, there are other considerations that you may want to think about.The reason I will be making the tax and duty calculators configurable is that I believe it would be fairer. Supporting ID users in Australia as well as NZ, South Africa, Canada, USA, UK (just some of the countries that have users) means that there are a lot more jurisdictions than those few here in Aust. Providing a means where the ID community can help each other is a good thing, and the several hundred jurisdictions will be better supported by locals rather than someone like me trying to figure out the complexities of tax and duty in other countries.
So I am hoping that everyone will get the benefit of locals helping with keeping ID up to date in each country and then submitting their changes for all to download.
Thanks
Philip Batey
JATPAC DesignsAuthor of Investment Detective
Hi, I live in Victoria, and as far as I know there are no land taxes, but out of interest where would I find this information on the net if I or anybody else needed to enter it manually into ID??
Regards,
Jason.Hi Jason
The quickest way to find this information is to use google.com.au and type in “gov land tax vic”
without the quotes.Found this in seconds http://www.sro.vic.gov.au/sro/srowebsite.nsf/taxes%20rates.htm?OpenPage&charset=iso-8859-1#land
just below the “sale of sheep and goats” duty.
Regards
Philip Batey
JATPAC DesignsAuthor of Investment Detective
Hi Philip,
I like that the data is saved in XML format. This makes it (theoretically) possible to use the data in just about any other program.
I was dissapointed to find the land tax formulas were not in a similar XML config file. If they had have been then I (and others in the know) could have kept them up to date. It would also be possible to post the updated config file so that users could download it and replace their old version (possibly with a special “setup” program to do the hard work for them). It seems to me that such an approach would be a lot easier than adding an extra screen(s?) to allow users to manually update their formulas. It may even make this an easy enhancement that could be delivered in a relatively short time frame.
I like the program and appreciate the work that has gone into delivering a really nice tool.
Regards,
Greg
Hi Greg
Part of the change in allowing the configuration of tax and duty will be to store the data in XML format, I will manage the integration of the various updates from different users and keep a master file available for download so everyone can benefit from this feature.
Regards
Philip Batey
JATPAC DesignsAuthor of Investment Detective
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