All Topics / Legal & Accounting / family trusts + land tax

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  • Profile photo of quickchickquickchick
    Member
    @quickchick
    Join Date: 2004
    Post Count: 168
    March 3, 2006 - 5:30 am

    We have property in NSW, land value $73,000, held under family trust. We’ve been charged land tax, around $1500 p.a..
    Is this right? (Its the only NSW property held under this entity).
    Ruth.

    Profile photo of coastymikecoastymike
    Participant
    @coastymike
    Join Date: 2005
    Post Count: 125
    March 3, 2006 - 9:11 am

    Land tax on special trusts (hybrid discretionary trust and discretionary trusts are considered special trust) are taxed at 1.7% of the land value. So $1,241 would be the land tax component on $73K.

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