a pi colleague of mine has just been hit with land tax on all NSW properties to the value of $5,000.00 each property.
My query is:
1) Does each property have to be valued at over $300k
or
2) Is it the “combination” of ip with a “group” value of over $300k?If you are hit with this fee…… what does it do to your +ve cf property?
thanks
mopsy[
][][][][][][][]mopsy, the land tax is calculated on the land value only of the IPs. I’m thinking your friend must have quite a few to be hit with that high a fee.
To understand it, would be best to check out the state gov’s website which should explain it better than I can not having had that problem.
Cheers
MelDanger Will Robinson!!
In NSW Land Tax was payable this year if the combined UCV of your properties, apart from your PPOR, on 31 Dec 2002 was $261,000 or more. The threshold for 2004 is $317,000. One house in Sydney might create Land Tax liability; two almost certainly will.
In Victoria the Land Tax threshold for 2003 is $150,000. I’m not all that familiar with prices in Melbourne, but that seems very low to me.
Details at http://www.osr.nsw.gov.au/
Equivalent sites for other states are:
Tasmania: http://www.treasury.tas.gov.au/
Victoria: http://www.sro.vic.gov.au/
Queensland: http://www.osr.qld.gov.au/
South Australia: http://www.revenuesa.sa.gov.au/
Western Australia: http://www.dtf.wa.gov.au/cms/osr_index.asp
ACT: http://www.revenue.act.gov.au/r_ltax.htmlNT does not charge land tax.
The rapid capital growth over the last few years has brought many people into the Land Tax net who haven’t realised it yet. The nasty part is that many won’t realise it until they go to sell a property. They might then discover that they’re up for several years tax which should be paid the sale goes through.
Is that what happened to your colleague Mopsy? It happened to us, which is why I’m so clued up on it.
As for what it does to your +ve cf property… I guess that depends on how +ve it is. Land Tax is just one more cost of ownership.
Good luck,
Ghoti
* * * * * * * * * *
Without music, life would be a mistake.
Ghoti – do they not send notices out to say there is land tax payable by a certain date? Are we supposed to contact them to see if we have to pay?
Thanks
Shirley
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