I have just been hit with a Land Tax bill. This is for the State of Queensland.
Does anybody know what States do and do not apply this Tax or do all States apply it?Any advice would be appreciated.
Cheers
DianneHi Caddy, I believe it’s all states except NT. You can check out all the thresholds and rates at each state revenue office, as listed in the ATO website at:
http://www.ato.gov.au/individuals/content.asp?doc=/content/33834.htm&pc=001/003/031/002&mnu=1162&mfp=001/002&st=&cy=1Make sure that you have let them know that your PPoR is your PPoR, as it’s exempt from land tax.
Jim.caddy
Is the Land Tax bill in respect of a property you have wrapped? Or is it merely an IP. If so what entity are you holding it in. If you care to email me I can provide you with further details.
Cheers Richard
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Just a solution waiting to be foundRichard Taylor | Australia's leading private lender
Hi,
The land tax thing has me a little confused.
I’m from Vic and we don’t have “land tax” as such.
Is it the tax you pay on the land when you buy it, known as stamp duty in Vic.
Or is it a yearly tax that is paid to your local council or municipality. (We know them as council rates or land rates)Let me know if you get the chance,
Thanks,
Sue [
]Sue, It’s a state tax, which is imposed if your total landholdings, excluding your home, has an official valuation greater than a certain threshold. Info is available in the Vic website at:
http://www.sro.vic.gov.au/sro/srowebsite.nsf/taxes_landtax.htm?OpenPage&charset=iso-8859-1
JimThanks for that Jim, I really appreciate it.
I didn’t even know that land tax existed in victoria! And I’ve had an investment property before, I guess it made it under the threshold.Thanks again,
I’m learning so much in this forum,Sue [
]Thanks to you all for your comments and info. Looks like I have no where to run to get out of the land tax thing.
Cheers
Caddy
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