Land tax in WA

Discussion in 'Accounting & Tax' started by Yson, 24th Mar, 2017.

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  1. Yson

    Yson Well-Known Member

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    hi, just wondering if a house is held under a family trust with a company as a trustee, would the trustee entitle to the 300k tax free thresholds? I had a look on the landgate web site but seems it does.
     
    Yson, 24th Mar, 2017
    #1
  2. Archer

    Archer Well-Known Member

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    In WA each distinct ownership is entitled to the threshold, so the 300k threshold would have to be exceeded for L/T to apply.

    ie land held by

    fred + tom together = 300k threshold
    fred only = 300k threshold
    tom only = 300k threshold
     
    Archer, 24th Mar, 2017
    #2
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  3. Yson

    Yson Well-Known Member

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    Nice
     
    Yson, 25th Mar, 2017
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  4. Ross Forrester

    Ross Forrester Well-Known Member

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    A company with a family trust is entitled to its own land tax threshold in WA
     
    Ross Forrester, 25th Mar, 2017
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  5. LEARNTOINVEST

    LEARNTOINVEST Active Member

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    Hi @Archer, Is that mean if me & my husband has IPs. They will be assessed as together and $300K is the threshold for combine names?
    E.g-
    IP 1 :Land value $350K (Joint Ownership, husband and wife)
    IP 2: Land value $250K (Tenancy in common Wife 80/ Husband20)

    That will be aggregate as (i) 600K (ii) apply the threshold based on ownership?
     
    LEARNTOINVEST, 23rd Mar, 2022
    #5
  6. Paul@PAS

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

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    A trust in WA is entitled to a threshold. It doesnt matter what the trustee type is.

    Land tax assessment
     
    Paul@PAS, 24th Mar, 2022
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  7. spoon

    spoon Well-Known Member

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    This is good for the investors compared to the Eastern states. By structuring correct, it saved me a 5-digit landtax per year.
     
    spoon, 24th Mar, 2022
    #7