Can someone please give me a simple explanation of how to work out whether I'm going to be liable for land tax.
How do I know the unimproved values of my land? I have had a look at the OSR website but can't figure out what figure I'm supposed to use for land value.
I'm in Queensland, all 3 properties are in Queensland. The reason I ask the question is that I am looking to purchase another property and am wondering what name/ structure to purchase it in.
Thanks in advance…
soloinvestor,
Well, you should be sent out a valuation each year by the Queensland government telling you the unimproved value of your land at each address. This is all added up and should come to some figure say $400,000 and if you look on the government web site it will give you a figure that you do not need to pay land tax if below say $350,000.
Thus you may be up for land tax, I think you can actually go above the $350,000 value by some small amount before having to pay ( it will all be on the web site ). Thus you can work out how much you need to pay each year to the state government.
I own three properties in my name in Queensland and sit just below the land tax value, so depending on the sites you may be OK. It is your responsibility to find out if you need to pay, ignorance is not an excuss for land tax, the government will catch up with you eventually if you don't pay, and they will come down hard on you if they think you are trying to dodge it.
If you are married you can put the next property in your wifes name as land tax is person specific.
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