PPR held in company - any way to get Land Tax exemption?

Viewing 5 posts - 1 through 5 (of 5 total)

Rufush
Member
@rufush
Join Date: 2014
Post Count: 2
February 18, 2014 - 1:04 am
Hi guys,
I found this forum looking for reviews on accounting firm Chan and Naylor, which put me off using them so I'll ask my question here first…
We bought our family home (in Vic) in a Pty Ltd company many years ago. Thought it was a good idea at the time but with hindsight it clearly wasn't!
Anyway, as land values have increased we're now getting $4k-$5k pa land tax bills and I was wondering if there is any way to claim an exemption. On the surface it seems not, but I had a brief conversation with some at C&N about a year ago who said they thought there was a way, but I never took it any further because I was already past the 60 objection period.
Before I start shelling out thousands to C&N (with no guarantee of success) I thought it might be worth asking here.
Does anyone have any experience with my situation?
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
February 18, 2014 - 9:29 am
As far as I know there are no land tax exemptions In VIC for land owned by a company – even when the sole shareholders are living in the property.
If the company was acting as trustee then this is different – depending on the trust.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Rufush
Member
@rufush
Join Date: 2014
Post Count: 2
February 25, 2014 - 1:42 am
Thanks Terry.
Is it possible to convert a Pty Ltd company into a trust without triggering CGT?
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
February 26, 2014 - 8:08 am
Not that i know of.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
March 1, 2014 - 10:19 am
I am with Terry no way i am aware of avoiding Land Tax in a Company name in Vic.
I was talking to clients on Friday here in Brisbane on a similar matter.
Your land value increases but the individual State thresholds never seems to keep pace.
It is one of the things we look at when we are working with a BA investment client who is looking to turbo charge their portfolio.
Hate to say your advice may not have been so crash hot.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender