Land Tax (VIC) - A quick question

Discussion in 'Accounting & Tax' started by Harry30, 5th Feb, 2020.

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  1. Harry30

    Harry30 Well-Known Member

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    In Victoria, if you buy 1 IP in your name (100% owned by you) and your wife buys an IP in her name (100% owned by her), are they treated separately for the purposes of land tax? Or are they aggregated?

    In other words, does the family unit effectively get the benefit of 2 land tax thresholds.

    I know that is the case in NSW, but what about VIC?
     
  2. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

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    Each owner has a threshold in every state. The owner may be a individual or joint.

    However jointly owned property may appear to get its own as well however it usually counts as an addition to the personal threshold as well under a secondary assessment process. So if Dave owns one IP that is $1 under threshold and has a 50% share with his spouse then he may trigger a land tax bill when its aggregated. Each state varies.
     
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  3. Terry_w

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

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    Yep - separately
     
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