Hi all, Are you able to have a property deemed your PPR if you do not live in it and if so will this have any affect on your land tax threshold entitlement. Cheers Wayne
if you want to talk about land tax you are going to have to state where the property is located as this is all State law and varies.
In that case you need to look at Schedule 1A of the LTM Act LAND TAX MANAGEMENT ACT 1956 - SCHEDULE 1A Read clause 8 Concession for absences from former residence and tell me what you think.
The reason behind the question is: As above, we have a PPR we lived in for three years and have now moved into rental accommodation for work, firstly we would like to know if we can still call it our PPR and be land tax exempt, reason being we have a trust holding 2 NSW properties. The question is: Can our property not currently lived in by us, be deemed our PPR and be land tax exempt. And, is the individual (person) and the trust entitled to their own land tax threshold, or is it all combined.
Thanks Terry, In accordance with clause 8, we anticipate we will exceed the 6 year limitation, as being in defence we are not expected to be posted back any time soon. If this is the case I expect we will be liable for land tax, and the threshold.
Paying land tax is probably not a good enough reason on its own to justify the costs of stamp duty and CGT in transferring properties from a trust. If you end up owning them you may be over the threshold anyway and still need to pay the same land tax amount.
