Land Tax

Now I know the best option is to sit down with a great accountant but I'm sure there is plenty of different ways people do it so I'd like to gain opinions to make sure I am getting the best advice.

With the Victorian land tax threshold at $250k do people employ complex strategies to try to avoid this (trusts, super funds etc) or just accept it as the cost of doing business and move on.
(I am single so the option of putting properties in someone else's name isn't an option, I'm also only 27 so I don't want to go down the super track yet)

Would leave to hear people's thoughts.
Thanks

 

1. Split property with spouse etc to fully access thresholds etc
2. Spread portfolio across different states to access multiple thresholds
3. Trust are a limited options (sometimes)
4. Consider first home concessions and CGT absence concessions to avoid duty and CGT
5. Manage land tax as best they can they accept it

 

And don't forget company ownership

 

Thanks for that great list @Paul@PFI

One of my properties I lived in for over a year so is currently CG exempt (for another 2 years) would that make it land tax exempt also?

 

No

 

I dont usually mention it for new buyers. The trivial savings arent worth the other issues in Vic.
eg at $600K the annual company costs probably equate to the tax anyway. Really only a strategy for a larger accumulator with +ve gearing.

 

All property owners should register for land tax so they dont accidentially break thresholds and have arrears. The arrears arent deductible after 2 tax years.