Because the tax rates are changing on July 1 I phoned Office of State Revenue (Queensland) to enquire about pre-paying land tax. I was told that I couldn’t do it.
I wonder if anyone has prepaid their land tax?
Thanks, Wylie
My understanding is you cannot.
The tax is levied (in WA at least) against the owner of properties registered as at midnight on June 30 for the coming fin yr. PPOR’s and other minor bits and pieces excepted.
You cannot prepay before midnight on June 30, and hence bring the expense into the previous tax yr to claim it in that year…(I’m presuming this is the thrust of your query) as the SRO cannot be certain that you will actually own the property as at the exact assessment time.
We found this out when we settled a property on July 1st at 11am, and pleasantly found out the Vendor was actually liable for the Land Tax bill for the entire coming year. Great stuff.
Cheers,
Dazzling
“No point having a cake if you can’t eat it.”
Geez Dazzling did you fluke that settlement time or what??? In NSW it is levied on property held at midnight on 31st Dec. I have forced settlements for land into January just to avoid the nasty thing.
Just an update. Called again and got a yes this time. I have prepaid and, nice surprise, it is considerably less than last year.
Thanks to all, Wylie.
Originally posted by JKM:Geez Dazzling did you fluke that settlement time or what??? In NSW it is levied on property held at midnight on 31st Dec. I have forced settlements for land into January just to avoid the nasty thing.
JKM,
Isn’t that just delaying rather than avoiding?
)— MJ.
MJ, no it is avoiding because whoever held it at 31 Dec pays the tax so I paid a little interest for not settling before but I was in front in the end because I didn’t have the land tax bill – ha ha
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