How to determine the land value component of a Unit for land tax purposes

Discussion in 'Accounting & Tax' started by masterjoe91, 12th Jun, 2018.

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  1. masterjoe91

    masterjoe91 Member

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    21st May, 2018
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    Sydney
    Say you purchase an average $350k 1 bedder in Melbourne.

    I don't have a clue how to determine what % of the $350k is considered land, and what % is considered building.
    Anyone have some rule of thumbs to apply? or something online that can calculate an approximation?
     
    masterjoe91, 12th Jun, 2018
    #1
  2. Marg4000

    Marg4000 Well-Known Member

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    Qld
    Is the land value shown on the rates notice?
    Marg
     
    Marg4000, 12th Jun, 2018
    #2
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  3. Propertunity

    Propertunity Well-Known Member

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    No to both these.

    If you look in the Strata Scheme, you will see how many "units" (not apartments) you are allocated out of the total units in the Scheme. The Strata Manager will have the total land value of the whole complex. Then its easy to do the % land you own.
     
    Propertunity, 12th Jun, 2018
    #3
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  4. Paul@PAS

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

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    Rates notice. Shows the strata unit unimproved share of land value.

    You can also call OSR if you have the SP details.

    Copy will be in contract for the prior year...unreliable but a guide
     
    Paul@PAS, 12th Jun, 2018
    #4