All Topics / Legal & Accounting / Land Tax threshold

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  • Profile photo of igrapleuigrapleu
    Member
    @igrapleu
    Join Date: 2006
    Post Count: 11
    August 1, 2006 - 1:12 pm

    Hi all, iv been looking at the other posts on landtax, and I cant quite find the answer I am looking for.

    Apparently in Vic, the threshold where land tax is exempt is $175000 for an IP. Is this the same amount for a trust? If so, Could I have 5 trusts each having 1 property in each to the value of $175000 (land value) and therefore not pay any land tax? Or does the SRO look at who controls the trusts.
    Thanks
    Ben

    Profile photo of catacata
    Participant
    @cata
    Join Date: 2005
    Post Count: 559
    August 1, 2006 - 7:05 pm

    I believe in Vic the trusts are grouped so a total land value is used.
    If you do a serch of Vic’s OSR website it will tell you what you need to know.

    OSR- Office of State Revenue

    CATA
    Asset Protection Specialist
    [email protected]

    Profile photo of elkamelkam
    Member
    @elkam
    Join Date: 2006
    Post Count: 722
    August 2, 2006 - 1:15 am

    Hello igrapleu

    Since 1 January 2006 the land tax exempt threashold is $200K in Vict.

    The situation with trusts is that any IP bought after 31 Dec. 05 and held in a trust attracts a surcharge of 0.375%

    Some time ago I was struggling with the same problem and basically asked the same questions. Below is a link to the thread

    https://www.propertyinvesting.com/forum/topic/23233.html

    Hope this helps [smiling]

    Elka

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