Land Tax

Discussion in 'Accounting & Tax' started by RMurph, 12th Aug, 2020.

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  1. RMurph

    RMurph New Member

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    12th Aug, 2020
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    Hi,

    I am after information related to land tax.

    I have my primary residence which is a few acres that I reside in/on with my wife.

    We have a vacant block down the south coast of NSW valued at $350k.

    I am currently in the process of building an investment dwelling in QLD. Land Value $270k House Value $320k. I have also just purchased a town house in QLD for $340K.

    All properties are jointly owned by my wife and I 50/50.

    How do I stand with Land Tax ?
     
    RMurph, 12th Aug, 2020
    #1
    Cousinit likes this.
  2. Terry_w

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

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    possibly no land tax for you
     
    Terry_w, 12th Aug, 2020
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  3. RMurph

    RMurph New Member

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    Ok my understanding is the threshold is at different levels in each state. Is the threshold split so for example if my wife and I own each property 50/50 does that mean we could effectively double the threshold before it was applicable to the individuals?
     
    RMurph, 12th Aug, 2020
    #3
  4. Terry_w

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

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    no for nsw
    yes for qld
     
    Terry_w, 12th Aug, 2020
    #4
  5. Paul@PAS

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

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    Rather than asking people who dont know your actual position you should check each state land tax rules and thresholds and rates. Each state Office of State Revenue operates a website with all the particulars. NSW for example has a $734K+ threshold and thats excluding your own home. QLD its $600K. This value is the unimproved land value.
    Decisions about ownership / names and the like for future changes to property should consider land tax amoungst other factors eg Are you also subect to the NSW Land Tax surcharge ? This can apply when the base land tax threshold isnt even met.

    Matters such are referring to "I" and then describing joint ownership does not give clarity.
     
    Paul@PAS, 13th Aug, 2020
    #5
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