Land tax obligation for joint proprietors

So my spouse & I are joint proprietors of our investment properties.

SRO (vic) issue the land tax notice to myself - on behalf of myself & my spouse.

Should the land tax calculation be evenly split between myself & my spouse

ie: example: $815,000 'taxable value' total
$5,266 proportional tax

which we then split the $5266 - $2633 to each of our respective tax returns....

DO THEY CALCULATE INDIVIDUALLY OR COLLECTIVELY (COMBINED)

Should they not send us each our own assessment notice with proportional tax based on a calculation of 50% ownership respectively, rather than combined.....

Say for arguments sake combined taxable value of 1.9 million - which jumps past the 1.8million hard bar ..... extra $6400 (roughly)

Should the SRO calculate taxable value for each owner.......
ie: owner 1 - 950k taxable value
owner 2 - 950k taxable value
This would mean each owner is taxed individually in the low threshold (600k-1mill) - see attached

 

No. It is correct. The landowner is the two of you.

OSR will also issue a individual assessment if each individuals interest in land exceeds the threshold (a credit is given for tax paid jointly). However if the joint property is your only taxable property that wont occur.

Land Tax | State Revenue Office Basic info and
Joint owners | State Revenue Office detailed info on the joint process

 

Gday Paul, we have 3 properties
I'm hoping to get SRO to re issue individual assessment notices, 50% opportioned each which will put us under the huge threshold
(they jumped our valuations by over 50% in 2yrs) we never expected to get close to the threshold

 

If the properties are jointly owned then they will assess ONE joint assessment covering all three and ONE threshold applies to it (to a landowner which is defined by the Act) unless you also own any other property individually and then you will see that they dont give you an additional threshold - its incremental. You want something they WONT do.

I normally recommend one joint, one owned by him and one owned by her as the solution BEFORE you acquire them. Then you would be assessed on 1.5 and so would wife. (Subject to brokers views on servicing etc) The joint one (if you pay any tax on it) would be credited 50% each against the individual assessment to eliminate double counting. BUT unless you own more than joint property this never issues.

There are ways to transfer ownership in Vic that dont trigger duty but you need legal and broker advice on that. And it cant be done retrospectively.