Hi sorry i posted this query somewhere in the forum, but not under its own topic header and now i cant find it.
I would appreciate it, if anyone can tell me how the land tax is calculated. I understand its on the 'unimproved' value of the land. But how do i know what this is? I vaguely remember something about looking at the annual rates notice. Does anyone know for sure?
Help appreciated.
Depends on what state you are in. Try this site for NSW
http://www.osr.nsw.gov.au/erevenue/calculators/landtax.phpSorry should have given more information. I live in Victoria. I own a few apartments as investment properties under a trust structure, all purchased earlier this year before the market skyrocketed. However i am concerned what my land tax bill will be. Thats why i am trying to get an idea upfront before i get hit for it in 2008.
Any ideas out there????
Is it on the annual rates notice????
http://www.sro.vic.gov.au/sro/SROWebsite.nsf/taxes_landtax.htm
Victorian web site
It is not on your rates notice. You may have to chase it up if you do not receive a state tax notice.
My parents got one because the revenue department decides that the house they have lived in for almost 40 years was not the primary residence and that the much cheaper country property was the PPOR. So they had to pay the tax and then complain about the incorrect assessment to get it fixed up.Hello chilliaa
In Victoria the SRO uses the last council valuation (site value ) as the bases for the land tax calculations. This is the unimproved capital value of your property i.e land value.How much land tax they charge will depends on whether you hold all your IP's under your own name or whether your IP's are held in one trust or spread over several trusts.
From your post above I gather that all your IP's are held in one trust. That makes the calculation easier though it may make the amount of land tax you pay skyrocket due to aggregation …. i.e being charged on the total value rather than on each property separately.
Just add all the site values from your last rates notices together and then use the trust scale on the site that duckster provided.
You may like to read the thread I once started about how to minimise land tax. I started it after receiving my land tax bill.
Hope this helps
Elka
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