earlier on in this forum i saw a title called landtax.
i never new about landtax etc, or i just might be confused.
I live in NSW and is landtax in NSW referred to as council rates which you pay quarterly to your local government body ? ie randwick council, sth sydney coucil etc
Hi,
Moved your post to the property forum…
No it’s still called land tax. Council rates cover garbage collection, local roads, parks etc.
Bye,
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Hi pmaurice,
Land Tax and Council Rates, are to different things. And if you though council rates, were bad….
Wait till you see how much land tax can cost ya.
cheers,
s.i.spmaurice, from what I have seen posted on these boards, it appears you have to contact the NSW govt to find out what your liability is – they don’t tell you until you try to sell the property. then you must pay all accumulated land tax before the title will be clear. (I think it’s something like that)[
]Cheers
Melthanks for the help,
although i am still a bit confused.
My parents have been living in there residence for approx 5 years. from what i read earlier on in another forum on this site. you are meant to pay land tax annually.
My parents property is worth approx $600,000 but they have not had to pay land tax at all since living here.
I also own a unit had it for approx 8 years, worth approx 320,000 havent had to pay land tax.
also just bought another property off the plan, they stated i had to pay land tax, but my accountant go them to pay it for me.
so basically is land tax a one off thing, an annual tax etc. and why havent ie myself and my parents been charged it previously.
cheers
pmaurice, it is not generally charged on your PPOR, unless the land value is $1M or something similar.
It is charged on IPs, and they add all the land values of all the property you own. There is some threshold (perhaps $280K – some NSW people can correct me), and when your total land owned (IP) is worth more than that, you owe land tax. I believe it is an annual figure.
I also think it is pretty sneaky that the government doesn’t come to you. Here in ACT it would be very rare for the govt not to let you know your tax – it’s on every IP with no threshold whatsoever, BUT, at leas they don’t then aggregate all your holdings and work it out based on that.
Cheers
Mel
Hieveryone, thanks for the info.
I did a little bit of research myself aswell. I guess google is a great thing. anyway i know i posted the question but if anyone wants to know what i found out for there own knowledge i will add a link below. The page outlines when the tax takes into effect etc, rates that will be charged blah blah blah
Hi,
Also do a search on the Land Tax topic on this forum – there was a discussion on it not that long ago.
I’m not sure what the IPAC site says (couldn’t connect to it for some reason) but just wanted to make sure you realise that Land Tax is similar to your own tax & that it is up to you to submit the return for your investment properties (including strata units)- they do not follow you up for it (normally until you go to sell) – If you do not do this annually you could end up with a nasty shock & owing a lot of money.
cheers
shnooks
How can you submit a return when they havn’t given you all your land valuations ? I received 3 valuations but still have more properties with no valuations yet. ( example from QLD. )
Do they submit valuations to oners annually ?Also land tax is tax deductable isnt it ? So how is this recouped when you sell if you havn’t been paying or claiming it.
MJK
Try the OSR there are a lot of inform about land tax http://www.osr.nsw.gov.au
Kind regards
ChanDollars
[Keep going, you’re nearly reach the end of financial freedom]Don’t worry about Knowing the land value – the O.S.R know it long before you do.
They will let you know how much the land value is after you have submitted your return & they have calculated your tax payable (if there is any).
If, after you have received your land tax assessment back from the OSR you disagree with the land value stated you can then put in an objection with the LPI, who will do a re-evaluation on your land. (I have done this successfully before, but it is a very long process & might possibly backfire if your land is valued higher than the original assesment)
So do you go by the unimproved valuations on your rate notices or do you have to lodge for assesment ?
MJK
Land Tax is tax deductable isn’t it ?
Hi MJK,
Land Tax is tax deductable isn’t it ?
Yes it is, and a good thing too, cause its dam expensive.
Cheers,
s.i.sMJK, I think you need to lodge for assessment. Working it out yourself sounds a little primitive, and I guess the govt wouldn’t want to take the risk of you sending in less money!!
Cheers
MelHi MJK,
Take Melbears advice as this is well noted and important.
Cheers,
s.i.sSo what do people do?
Do you pay the tax just before the end of the financial year so as to get your refund asap ?
Do you lodge for land tax separate to your tax return or with your tax return ?
MJK
Soooo……. no replies means nobody is paying land tax ?[
]MJK
Sorry MJK, I’ve not got any property (until end this month anyway) in NSW, so I can’t help you out. I presume if you look up land tax on the NSW gov website it will tell you the procedure.
Cheers
Mel
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