A couple of quickies.
I live in QLD, say I buy land costing $100,000, is land tax a one off payment or annual?
On GST, say I rent out a property for $200 and then pay an agent 8% to manage it, do I then have to lose another 10% GST?
Cheers
Andy
A couple of quickies.I live in QLD, say I buy land costing $100,000, is land tax a one off payment or annual?
On GST, say I rent out a property for $200 and then pay an agent 8% to manage it, do I then have to lose another 10% GST?
Cheers
Andy
A couple of quickies.I live in QLD, say I buy land costing $100,000, is land tax a one off payment or annual?
On GST, say I rent out a property for $200 and then pay an agent 8% to manage it, do I then have to lose another 10% GST?
Cheers
Andy
Andrew,
You are only obligated to pay GST on the 8% Agent’s management fee and any other costs generated by the agent e.g Advertising, dispersements, fees for arrangement of repairs
Regards
BrendanAndrew you can get an info sheet at http://www.osr.qld.gov.au/taxes/land/index.htm
The new threshold in Qld is $220,000 before you start paying land tax. It is the official valuation of your share of all land you own or partly own, except your Principal Place of Residence (PPoR). It’s a yearly tax.Is the property predominately for residental premises, if it is, then its input taxed, ergo you cannot claim the GST you will be charged by the agent.
It it is commercial and you are registered for GST, you will be able to claim the GST paid back in your BAS either quartlery or monthly depending on your situation
Land tax is an annual tax, but is a deductible expense
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