How to calculate my land tax

Discussion in 'Accounting & Tax' started by Declan1212, 28th Jul, 2021.

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  1. Declan1212

    Declan1212 Well-Known Member

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    Location:
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    property 1: land value $1m (self occupied)
    property 2: land value $1m (rented out)
    property 3: land value $300k (rented out)

    Threshold is attached

    What is the total land value to be calculated for paying land tax?

    What is the difference of general and premium thread hold?
     

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    Declan1212, 28th Jul, 2021
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  2. Scott No Mates

    Scott No Mates Well-Known Member

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    Land tax calculator

    You ain't there yet.
     
    Scott No Mates, 28th Jul, 2021
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  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    you don't even say where the land is located.
     
    Terry_w, 28th Jul, 2021
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  4. Scott No Mates

    Scott No Mates Well-Known Member

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    Only NSW is that generous with its thresholds :rolleyes:
     
    Scott No Mates, 28th Jul, 2021
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  5. Ross Forrester

    Ross Forrester Well-Known Member

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    If it is in WA: Revenue WA have a calculator for you.
     
    Ross Forrester, 28th Jul, 2021
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  6. unicorntears

    unicorntears Well-Known Member

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    Screen Shot 2021-07-28 at 12.43.04 pm.png
    The actual calculation in your case is ([taxable land value] - [threshold]) x 1.6% + $100. Revenue NSW will send you a notice every January.
     
    unicorntears, 28th Jul, 2021
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  7. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    that is assuming all of the land is in NSW
     
    Terry_w, 28th Jul, 2021
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  8. unicorntears

    unicorntears Well-Known Member

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    Yes, exactly, but he gave us the NSW thresholds.
     
    unicorntears, 28th Jul, 2021
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  9. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    that doesn't mean all of the properties are in NSW, or that any of the properties are in NSW.
    You would be surprised what people assume.
     
    Terry_w, 28th Jul, 2021
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  10. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Aso could be present value not the three year averaged smoothed values.

    I never quite get posts like the OP where the OSR have a calculator on their website. Its apparently easier to post and ask someone else to enter the numbers than it is to google and diy.
     
    Paul@PAS, 28th Jul, 2021
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  11. Declan1212

    Declan1212 Well-Known Member

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    Hi Terry, it is in Sydney
     
    Declan1212, 28th Jul, 2021
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  12. Declan1212

    Declan1212 Well-Known Member

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    Yes it is in Sydney
     
    Declan1212, 28th Jul, 2021
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  13. Declan1212

    Declan1212 Well-Known Member

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    Hi Scott, I have been there but don't know what is the taxable land value should be...

    Should be 1m+1m+30k, or just 1m+30k, or some number minus threshold?

    They all in Sydney BTW
     
    Declan1212, 28th Jul, 2021
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  14. Declan1212

    Declan1212 Well-Known Member

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    thanks, so my taxable land value is $1.3m (2 investment properties) - threshold ?
     
    Declan1212, 28th Jul, 2021
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  15. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Wow . Read the OSR website and stop asking others the basic and bleeding obvious. Even when they reply and tell you.

    How land tax is calculated
    Land tax is calculated on the total value of all your taxable land above the land tax threshold, not on each individual property. If the combined value of your land does not exceed the threshold, no land tax is payable. Your liability for each year is based on the value of all land you owned on 31 December in the previous year. Any changes to the land you own this year will only affect how much you pay next year.

    Land tax
     
    Paul@PAS, 29th Jul, 2021
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  16. Never giveup

    Never giveup Well-Known Member

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    Land Tax | State Revenue Office

    If I have never received a notice for my Vic IP does that mean I am not liable to pay land tax? I can't register as I do not have any assessment #.

    In NSW no land tax for me
     
    Never giveup, 7th Aug, 2021
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  17. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    definitely not the case.
     
    Terry_w, 7th Aug, 2021
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  18. Never giveup

    Never giveup Well-Known Member

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    I can't find the calculator like NSW site have provided
     
    Never giveup, 7th Aug, 2021
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  19. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    have a look in the land tax act vic, it is in there. There is also a calculator listed on the website of the SRO.

    If the VIC and value is more than $250,000 there will be land tax payable, assuming you are not a trustee. This will increase to $300,000 next year.
    PPOR doesn't count towards the threshold.
     
    Terry_w, 7th Aug, 2021
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  20. Never giveup

    Never giveup Well-Known Member

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    Hummm...I will have to call local RE to find out the land value...as RE.com shows new land in my area around 300K for similar size.
     

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    Never giveup, 7th Aug, 2021
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