Land tax owed since 2015

Discussion in 'Accounting & Tax' started by Rodd, 4th Jun, 2020.

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  1. Rodd

    Rodd Member

    Joined:
    28th Jan, 2020
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    Hi All,

    So, I recently realised that I owe land tax on my investment property in Sydney since 2015 and have not claimed (nor paid it).

    Wanted to check what the best way was to deal with it? Is it possible for me to go back and amend previous returns? Not sure if this is even possible and how costly this could be. The Total Land tax I owe is $6k.

    I have read some of the Land tax posts but could not find the right answer to this - happy to be referred to posts I might have missed.

    Thanks.
     
  2. Terry_w

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

    Joined:
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    Australia wide
    You would have to pay it. But you would want to try and claim a deduction for it so you would need to try to amend previous tax returns otherwise you will not be able to claim it for the years it was incurred. The trouble is you can generally only amend the last 2 years.

    Tax Tip 8: Forgotten land Tax Tax Tip 8: Forgotten land Tax
     
  3. Mike A

    Mike A Accountant Business Member

    Joined:
    24th Jun, 2015
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    Location:
    MELBOURNE
    see if you are a beneficiary of a trust...you might be able to amend back 4 years
     
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