land tax exemption nsw moving between homes

Discussion in 'Accounting & Tax' started by Anigee, 10th Dec, 2019.

Join Australia's most dynamic and respected property investment community
  1. Anigee

    Anigee New Member

    Joined:
    27th Jan, 2019
    Posts:
    1
    Location:
    Australia
    Hi first time user
    was hoping someone could help on how to ask questions or specifically if any knows about the land tax exemption in nsw about moving between homes

    appreciate any input & thank you in advance
     
    Anigee, 10th Dec, 2019
    #1
  2. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
    Posts:
    10,349
    Location:
    Australia
    Actually outline your situation with dates and land values. It might be below threshold. It depends on the situation at 31 dec. There might be exemptions if you bought and sold.
     
    Trainee, 10th Dec, 2019
    #2
  3. Terry_w

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

    Joined:
    18th Jun, 2015
    Posts:
    42,007
    Location:
    Australia wide
    See schedule 1A of the Land Tax Management Act 1956. There is a 6 month overlap period from memory - i think you can choose either home but not both
     
    Terry_w, 10th Dec, 2019
    #3
Benefits of Washington Brown's Referral Program