Hi everybody,
I have some questions about land tax. I have 3 investment properties, i have never paid land tax.
what is land tax?
Do I have to pay it?
If so, how come no one has mentioned it to me before? What if I don't pay it?
Thanks
PropertySeekerIt is leveled in each state independantly and on the LAND component only. There is also a threshold (varies from state to state) where you only pay tax once you go over this threshold. So my guess is you dont make the threshold for the total land component, either by the land value being still under the threshold when all are added together or if in different states, then individually, not exceeding tht threshold. Google land tax and you will be able to see the threshold. Also, LT is not payable on PPOR or , I believe, on rural land that is a going concern
Hopefully that is a start
MickIf they have missed you, you will get hit when you sell.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
There is an obligation on yourself to register for land tax (if you own investment properties). However, if you own one or two in different states you may well sit below the threshold in each state.
If you own home units, it is levied on the land component of the entire block, not just yours – so you may (in some circumstances) be caught up paying it through body corporate.
Scott No Mates,
You are not quite correct on flats and townhouses. I believe it is the total land divided by the number of units or townhouses. Thus most townhouses etc have less chances of land tax . Please correct me if I'm wrong?I was referring to company title and quasi-strata title for leasehold property
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