Land Tax Assessment Notices

Hi All,

Real quick question for the initiated.

I have single property owned by a fixed unit trust (not the relevant point for the question but just for context).

I bought the property in 2016 and registered for land tax for the 2017 tax year.

I received a Land Tax Assessment notice for the 2017 tax year stating that I had $0.00 payable (property valuation under threshold and Trust taken to be a fixed trust as it meets the relevant criteria).

My question is, since this assessment was received, I have received no further correspondence from OSR. Do we not receive an assessment each year?

My property is still under the threshold but I would have assumed you would still receive a zero dollar assessment each year?

Thanks

 

If there's no tax pay the registration will lapse so you may need to reregister periodically.

 

What's the point of registering periodically if there's no tax to pay?

 

Why would they send out a nil (zero) bill to pay when there are no liabilities if the land value is still under the threshold. How many land holders would receive no payment notices in a State? in NSW alone would be millions. What is the costs (waste) for system printing and postage?

Think can call in or login and check for your own land

 

If the property is owned by a trust "you" didnt buy anything.

1, What state is the property in ? NSW?
2. If 1 = Yes then if the trust aggregate land value is under threshold no primary assessement is issued. HOWEVER
3. If the UNITHOLDER also owns other land then the proportion of trust interest of the trust property plus the other personal property will also aggregate on the personal secondary assessment. If they own no other taxable land it is not issued. If they won other land and its under assessmnet then a Nil assessemht is raised but not sent. If the aggregate value is more than threshold the individual and trust will each receive an assessment even if the trust has $0 payable.

Assessments are only issued for tax payable. If you login to Land Tax online using client ID and a recent correspondence ID you can see each years assessment and the land holdings etc

 

Thanks for all the replies,

Property is in NSW,

Yes I understand how a unit trust works, unit holder only owns the one property in this case so yes under threshold.

I have logged in with a new correspondence ID (previous ID expired) and cannot view any info unless I re-submit trust deed for classification as a fixed trust and it's already been accepted so I cant be bothered doing that.

Guess I just don't worry about it and leave it be, 2016 registration and assessment was for the purpose of having the Trust deed recognized as fixed in order to obtain the threshold and that's been confirmed.

Cheers

 

?? Previous ID expired seems a concern. Never heard of that. It possible its been reassessed as a non-fixed trust under a new ID. I would not ignore such a issue.

 

The Client ID remains the same.

Correspondence IDs only last a year apparently.

I have a new Correspondence ID which I can use to login.

There is no reason for it to be reassessed.

When logging in with new Correspondence ID it asks you to start again (Client ID remains the same).

 

I spoke on the phone, reason for resubmission of deed is to to ensure foreign owners are excluded.

 

Corro ID expires at 2 years. Client ID doesnt. Yes the review is typical to avoid surcharge (which has no threshold.). Seen a few people ignore that and face a smack. Watch the date of the amending correction if one is needed.

 

Thanks

It's a fixed unit trust, unit holder is individual and not foreign (no discretionary trust as unit holder).

No amendment required (good as fees and charges are backdated to legislation implementation).

Cheers