HI, I'm looking at purchasing my first investment property in Melbourne.
My question is regarding land tax. Do I have to pay it as a IP? WHat is the rate of tax, and is it paid every year?
Also if I pay land tax is it tax deductable and how much would I get back as a refund if it where?Thanks
Re Land Tax, a lot depends on how you purchase, i.e. your own name, Family Trust, Company? I can tell you Land Tax is paid annually, billed to whoever owns the property on Dec. 31st each year. It is fully tax deductible as are any expenses relating to a rental property. Victoria has a Land Tax free threshold of $250,000 for personal owners. Go to http://www.sro.vic.gov.au/SRO/srowebsite.nsf/taxes_landtax.htm and it will clarify it for you.
This may also help.
Richard Taylor | Australia's leading private lender
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