Land Tax valuation threshold is it shared?

Discussion in 'Accounting & Tax' started by fullylucky, 8th Mar, 2016.

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  1. Terry_w

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

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    You are assessed as one tax payer in NSW. I think the threshold is currently $482k so you would be liable for land tax. You would be jointly assessed on 1.6% x $18,000 (+$100).
     
    Last edited: 9th Mar, 2016
    Terry_w, 9th Mar, 2016
    #21
    fullylucky and Davothegreat like this.
  2. Paul@PAS

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

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    + $100. Land Tax bill of $200
     
    Paul@PAS, 9th Mar, 2016
    #22
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  3. Paul@PAS

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

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    All land tax assessments in NSW have an extra $100 added unless they have no threshold (ie a disc trust) which has a flat 1.6% applied

    I don't understand this mechanism. Anyone understand the background ?
     
    Paul@PAS, 9th Mar, 2016
    #23
  4. fullylucky

    fullylucky Well-Known Member

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    That's total bs how come he asked the exact same question as I asked but a straight forward answer but you give me the run around?

    so for him does he have to pay $200 or does he have to pay $200 and his partner pay another $200? so all up $400?
     
    fullylucky, 9th Mar, 2016
    #24
  5. Ed Barton

    Ed Barton Well-Known Member

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    Complain to management and refuse to pay his fee!
     
    Ed Barton, 9th Mar, 2016
    #25
  6. Terry_w

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

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    hardly the exact same question.
     
    Terry_w, 9th Mar, 2016
    #26
  7. JohnPropChat

    JohnPropChat Well-Known Member

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    Paul, Terry and others have time and again generously shared their immense knowledge pro bono. Use general advice as a starting point and do more research or get specific advice - will be worth every penny.
     
    JohnPropChat, 10th Mar, 2016
    #27
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