NSW land tax tenancy in common

Discussion in 'Accounting & Tax' started by amanda finneran, 12th Jan, 2021.

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  1. amanda finneran

    amanda finneran New Member

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    I am trying to ascertain the tax bill with my 2 siblings. Land tax for property owned as tic is $7300. Property is PPOR for A. B has no other property in their name but is not living there. C does not live there but pays land tax.
     
    amanda finneran, 12th Jan, 2021
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  2. Terry_w

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

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    if one is living there it would generally be exempt.
     
    Terry_w, 12th Jan, 2021
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  3. amanda finneran

    amanda finneran New Member

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    Thanks Terry. You say “generally”. Any caveats that I should be aware of?
     
    amanda finneran, 12th Jan, 2021
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  4. Terry_w

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

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    Heasps.

    Have a read of Schedule 1A of the Land Tax Management Act.
     
    Terry_w, 12th Jan, 2021
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  5. Paul@PAS

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

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    Of course if C own other nsw land their land tax aggregation may impact secondary assessment for them.
     
    Paul@PAS, 12th Jan, 2021
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