Re: When do you have to pay landtax? -- Cox Business Accountants

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Date Posted: Monday, June 06, 01:16:19pm
Author: Bree
Subject: Re: When do you have to pay landtax?
In reply to: Jeanne 's message, "When do you have to pay landtax?" on Wednesday, June 01, 03:17:15pm

Hi Jeanne,

In 2005 the NSW state government decided to introduce a threshold free land tax for land in NSW. The only land that is EXEMPT from this land tax is a principle place of residence, land used for primary production or for charitable purposes. Therefore anyone who owns investment properties or holiday homes etc in NSW are liable for land tax this year.

The land tax is calculated based on the value of your property. As your land tax bill is about $1300 your place at the coast was valued at around $325 000. The land tax is based on land that you owned at midnight on 31st of December 2004.

If you have never had to pay land tax before the reason that you have to pay it this year is that this is the first year that the state government has made the tax THRESHOLD FREE. Prior to 2005 if you owned land in NSW you only had to pay land tax if your land was valued over $317 000. (if you haven't paid land tax before your land must have been considered to be valued at just under this threshold).

Generally if you sell your property it is recommended that you attempt to recover at least a portion of the land tax by including this amount in your sale contract, depending on your negotiations with the purchaser.

I hope this has answered your query.

If you need any further information the best website to go to is http://www.osr.nsw.gov.au

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