Land tax in joint names

Hi,

My partner and I are looking at buying a house together but are close to max land tax in our own individual names.

Question - If we buy together (in joint names), does that add to our own individual land tax rate ? state SA

thanks

 

Both owners get the one threshold I believe.

 

Threshold in SA is now $323,000 as at 30 June. This is per entity where 'entity' is you, her, your trust, your company, whatever.

So as an example, if you buy a $700k property between you, value of $188.5K ($700k - $323k divide by 2 of you) is added to each of your thresholds. Whether that pushes both of you over or one of you over depends on what each of you has so far.

The free threshold is quite generous in SA in my opinion, however the paid thresholds are very steep !

Table below:

Total Taxable Site Value Rate
Up to $323 000 Nil
$323 001 - $593 000 $0.50 for every $100 or part of $100 over $323 000
$593 001 - $862 000 $1350 plus $1.65 for every $100 or part of $100 over $593 000
$862 001 - $1 078 000 $5 788.50 plus $2.40 for every $100 or part of $100 over $862 000
Over $1 078 000 $10 972.50 plus $3.70 for every $100 or part of $100 over $1 078 000