All Topics / Help Needed! / Land tax – subdivision calculation / payment of dues

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  • Profile photo of darkness72darkness72
    Participant
    @darkness72
    Join Date: 2013
    Post Count: 51
    May 10, 2016 - 9:03 am

    Hi There,

    Just wondering how Land tax works with this scenario:

    Have an existing property that is being subdivided into 2 lots over the coming months.
    Plan to sell one of the lots and keep the other.

    – Would SRO Vic likely just split my current land tax fees evenly between the 2 lots, or would they recalculate and revalue upwards the value of each lot of land and in turn charge me more fees….

    – If I sell one of the lots – Do I have to pay all the fee’s due for the lot, or only a portion of the fees based on the length of the 12 month period for which I have ownership of the land…..

    Cheers

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    May 10, 2016 - 9:29 pm

    recalculate based on value.

    not sure what you mean about selling. Land tax is paid for the full year in advance and you do not get any credit back if you sell mid year. But you can contract with the purchaser for them to reimburse you.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

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