NSW Land Tax Amnesty Ending Soon

Discussion in 'Accounting & Tax' started by [email protected], 16th Jan, 2020.

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  1. Paul@PAS

    [email protected] Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
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    Location:
    Sydney
    NSW OSR have a 2 week window left to correct registration errors and issues with NSW OSR to avoid penalties and interest

    The five most common land tax exposure scenarios in NSW are:

    • The principal place of residence exemption being claimed on the more valuable property than the one you actually live in
    • Renting out your principal place of residence while you are absent from it
    • Claiming the primary production land exemption for non-viable farms
    • Discretionary trusts obtaining the land tax free threshold
    • Land tax surcharge not being paid on residential land held by companies and trusts with foreign person shareholders and beneficiaries.
    From February this year, Mazars (Lawyers) expect Revenue NSW will begin to impose penalties on up to five years of land tax exposures. Penalties can be as high as 90% of the tax levied.

    Unit trusts which are not a fixed unit trust who presently dont obtain a threshold may also consider amendments to ensure the trust is amended to the terms of a complying fixed unit trust. Where that trust has unitholders who are disc trusts OR persons who have utilised the personal thresholds there may be no merits to amending as no double dip threshold is available.

    NSW Land Owners – Act now to avoid penalties - Mazars - Australia
     

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