Land Tax VIC Joint Ownership

Discussion in 'Accounting & Tax' started by andnic, 15th Feb, 2017.

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  1. andnic

    andnic Member

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    7th Oct, 2016
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    A couple of question if anyone can help?

    Have an investment property joint owned in Wife's name and Unit Trust.
    Should we both get a joint ownership reduction?

    Unit Trust pays extra 56% should this be on the full site value or the 50% it owns?

    This is the only property we have that attracts tax.


    Thanks.
     
    andnic, 15th Feb, 2017
    #1
  2. tobe

    tobe Well-Known Member

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    There's no joint ownership reduction. Each entity, your wife, the unit trust, you, each has to pay land tax.

    The amount is calculated by how much land that entity owns. If your wife owns 50% of land worth 1mil then she is liable for $500k etc.
     
    tobe, 15th Feb, 2017
    #2
  3. andnic

    andnic Member

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    andnic, 15th Feb, 2017
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  4. andnic

    andnic Member

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    All sorted, I was misreading the info.
     
    andnic, 16th Feb, 2017
    #4
    tobe likes this.