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Land Tax - How much are you paying?

Discussion in 'Accounting & Tax' started by dan_89, 15th Jul, 2015.

?

How much land tax are you paying

  1. $0

    9 vote(s)
    45.0%
  2. $0-$1000

    5 vote(s)
    25.0%
  3. $1000-2500

    1 vote(s)
    5.0%
  4. $2500-$5000

    3 vote(s)
    15.0%
  5. $5000-$10000

    0 vote(s)
    0.0%
  6. $10000-$15000

    0 vote(s)
    0.0%
  7. $15000-$30000

    0 vote(s)
    0.0%
  8. $30000-$50000

    1 vote(s)
    5.0%
  9. $50000+

    1 vote(s)
    5.0%
  1. dan_89

    dan_89 Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    115
    Location:
    Melbourne
    How much are you paying p.a?

    Land tax is a charge I didn't put much thought into until I was stung this year. Unfortunately as I didn't look into it prior to my 2nd purchase I was hit with the tax even though my 2nd home was an IP for only 8 days out of 365 in 2015! :( (currently my PPOR)

    For any newbies that are unaware (in Vic) land tax is calculated on the total taxable value of your land holdings as at midnight on 31 December.

    Handed over $793 to the SRO today which is never fun!

    Anyway, curious to know how much people are paying as im sure some of the figures will be pretty high! :eek:
     
    Last edited: 15th Jul, 2015
    MJS1034 likes this.
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    8,952
    Location:
    Sydney
    Not in most states!
     
  3. dan_89

    dan_89 Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    115
    Location:
    Melbourne
    Sorry that should have noted 'in Vic'. Im assuming we are hard done by down here in comparison to other states as we are with stamp duty?
     
  4. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    8,952
    Location:
    Sydney
    They are going easy on you down there - NSW the rate is 1.6% pa
     
    dan_89 likes this.
  5. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    2,925
    Location:
    Brisbane
    Oh... I dream of a land tax bill in the hundreds o_O

    If only we knew back then that the thresholds would never move in line with the land, we would have done things differently.
     
  6. Pistonbroke

    Pistonbroke Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    395
    Location:
    Guangzhou
    But did you change anything with later investments?
     
  7. wylie

    wylie Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    2,925
    Location:
    Brisbane
    In the process of doing that now.
     
  8. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    1,167
    Location:
    Adelaide, SA
    $0 - multiple names, multiple trusts - otherwise i'd be hurting significantly in the highest taxing State in Australia.