Im just wondering about the threshold with land tax in nsw, i know your PPOR is exempt but is it included in the threshold?
Say i own land of 300k for PPOR and land worth 100K for investing, will i pay tax on 55k for the investing, or would it take me to own $345k of investing land for the threshold to be reached???
Also i know trust dont have the threshold, but is this to same as companys??
Additional, from short of asking vendors how much the land is worth, is there a place where i can find out approx how much an area land is worth, or spilts between units and land prices???
Cheers for your help…
From the horses mouth click on
http://www.osr.nsw.gov.au/portal/page?_pageid=33,117630&_dad=portal&_schema=OSRPTLT
very helpful downloadable fact sheet on link below
http://www.osr.nsw.gov.au/pls/portal/docs/page/downloads/other/lt_guide_2007.pdf
see fact sheet ppor exempt so not added into calc under certain conditions..however make sure they do not decide to classify a different property as your main residence. ie the cheaper one that you might not be living in or is a holiday house. This happened in Vic to someone I know. You have to pay the tax and then argue that it was insane to classify the wrong property with the OSR..
land values see
http://www.lands.nsw.gov.au/valuation/nsw_land_values
this is the department that values the land !!Duckster Financial Services
http://www.ducksterfinancial.com
Helping to make the great Australian Dream come true !Comments are of a general nature and may not be relevant to your individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
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