Land Tax

Discussion in 'Accounting & Tax' started by Foreshadow, 15th Nov, 2018.

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  1. Scott No Mates

    Scott No Mates Well-Known Member

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    NSW Globe

    get the plug-in - globe.kml
    load google earth & the plug-in
    turn on Land parcel & property
    then search each of your properties

    upload_2018-12-18_8-20-21.png
     
  2. Terry_w

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

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    As a guide one house of a client had about 50% of the value in the land and one unit in the kings cross area was about 20%
     
  3. wylie

    wylie Moderator Staff Member

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    Seriously, you just need to call them and fess up that you've not received any bills for seven years.

    If you need to pay something, better to do it now than wait until they realise and then you will pay what you have to pay anyway.

    And as was mentioned in post #15 the sooner you sort out exactly where you stand, the sooner you can claim (at least this year). This is only my understanding from what I've read here in this thread, and is not advice. But if you are not wanting to alert them and think you should be paying land tax, rest assured, sooner or later they will chase you up. That will be really painful.
     
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  4. Travelbug

    Travelbug Well-Known Member

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    When you get your rates notice the land value is stated near the top left hand under land description.
    Add up all the properties (except PPOR). Assuming all are in the same names take away $629k. That's what you pay land tax on. $100 plus 1.6% of that is what you pay.
     
  5. Paul@PAS

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

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    There is actually no law prohibiting a tax agent, accountant or a real estate agent etc to answer a general question with facts. Its like me - I ask my kids - Have you got a headache. Take a panadol. I'm not a Doctor

    Its more a question of - Is the tax agent performing legal services governed by the state Legal Practitioners Act ? No ? The issue is more about - Is the tax agent insured for their advice where their advice has a relevance for duty of care and action for negligence - Probably not.. All professionals need to ensure they arent providing advice on matters for which they may lack experience, qualifications and PI cover. Accountants cant say much about super either, or loans, or financial choices etc. And lawyers cant provide financial advice.

    Lawyers who arent registered tax practitioners can also fall foul of TPB rules if they calculate a specific tax estimate as part of their advice and they arent registered. Or be negligent if they also dont consider a tax calculation as part of their advice! ...... As one former Gadens lawyer and the other partners found out - You just never know when a wealthy owner of a mortgage broking business will sue.

    Gadens damages re John Symonds
     
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  6. Terry_w

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

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    The trouble is answering a question on land tax or stamp duty requires the interpreting of legislation.

    here is a good article on the topic
    · GuStax Consulting Pty ltd, 2012, Tax Agents & Legal Services – Are you at risk? In Tax-Action Vol 4, Issue 1

    http://www.justtax.com.au/documents/TAX-ACTIONAugust2012.pdf
     
  7. Paul@PAS

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

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    We wont even assist clients with landtax registration and annual updating etc. Some firms do. I always feel its like assisting with something that gives a false impression about your capacity because its a tax.

    We have software that can allow us to form companies. I would NEVER use it that way. A serious concern IMO. Same as I have had potential clients register a company with ASIC without a constitution or any documents. I wont accept them as clients - I cant fix their mistake.

    I'm endlessly referring people to their solicitor. I had a curly one last week. Clients wanted a company to be part of a charitable foundation...Whoa.... Go see a specialist lawyer !! The very use of a company as trustee for such a body needs a very specific constitution and it all must comply with loads of Govt regs etc. Most solicitors wouldnt even know this stuff....We found a law firm (referred by another professional I know) that specialises in these matters and I have confidence the client will walk away with a job well done.

    The best skill every professional needs is the capacity of knowing when to NOT give advice but to assist a referral.
     

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