Hi Phil
In addition to the Land Tax issue…..As you are probably aware, in Queensland the tax is calculated using a sliding scale based on the total of the UV for all properties owned less any exemptions…It appears that the land tax calculator in ID calculates the tax for individual properties but does not account for the increased amount of tax payable for when totalling the UV for all properties owned in that state…..I feel that this is an important piece of information that is missing for when calculating liabilities….Can the ID application be rectified to incorporate these calculations….If I am wrong in my assessment please advise.
Kind regards
Profiteer [biggrin]
Hi
Actually, I wasn’t aware of the sliding scale in QLD, and ID will only treat properties individually. As with all the professional fees associated with a property purchase, the due diligence process will allow the purchaser to gather the correct fees and then be able to enter them into ID. The current tax and duty calculators are there as a general guide only. The configurable system, allowing multi country calculators to be defined will soon be in place and the Australian hard coded calc’s will be removed.
ID can be used in any country or jurisdiction as it is essentially just a calculator. It is the user’s responsibility to collect the correct information so it can do its job and calculate the results.
There are also other complexities that can only be handled by each investor, how is the sliding scale affected by multiple entities or having different properties in a spouse or partners name. I’m sure an accountant could also come up with various other legal ways of minimising the impact of the sliding scale on taxes due.
Hope this answers your question
(I deleted your other post as it was a duplicate, hope you dont mind)
Regards
Philip Batey
JATPAC DesignsAuthor of Investment Detective
Yep, no problems…..Thanks for your reply.
Profiteer [biggrin]
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