Hi everyone,
I think I have a problem and I would like to know peoples views.Im purchasing my next house in NSW and I beleive it will put me over the land tax threshold. At 1.7% this does hold a significant impact on the overal profitability of the deal.
What creative things have people done to:
a) Justify they should not pay it; or
b) Reduce the impact of Land Tax.In my opinion I think this is the most evil of taxes, not only does it appear to serve no purpose, you have to volunteer the information yourself!
Thanks
MatMathew
http://www.arrttt.com
Custom Oil PortraitsI had one client who had a small acreage, he tried to argue he was a primary producer of honey as he had about 3 bee hives. He thought he had gotten away with it until they started asking about who held the licence, and where he sold the honey.
1.7% is a lot, but I don’t think there is anything really you ca do about it – except primary production.
Terryw
Discover Home Loans
Parramatta
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
you need to blame the Sheriff of Nottinham for land tax. I think land tax should be directly linked to the actual rent earned from a property. If a property is worth more it doesn’t necessarily mean a greater rent yield.
One way of reducing it is to own land in different states or countries.Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
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