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WA Investors get land tax shock

Discussion in 'Accounting & Tax' started by Redwing, 29th Oct, 2015.

  1. Redwing

    Redwing Well-Known Member

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    Making the WA news today

    WA Investors get land tax shock

    Liberal MPs are getting complaints from property investors about land tax as the first wave of bills hits WA mailboxes.

    Some investors will see their tax assessments double and others have increased tens of thousands of dollars or more under changes to land tax scales in May’s State Budget.

    Link
     
  2. Perthguy

    Perthguy Well-Known Member

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    Thanks for posting. My investment partner hates land tax, so I'll let him know it's going up! :)

    Personally, for an inner city development site, I thought land tax was a bit on the low side. But then my bill isn't $15,000 or $26,000! :eek:
     
  3. D.T.

    D.T. Adelaide Property Manager Business Member

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    Do you even Trust?
     
  4. rhinsor

    rhinsor Well-Known Member

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    I didn't know this was happening and I have not got any bills yet. My properties are north of the river. :(

    "The West Australian understands MPs in the northern suburbs, where the bills went out in recent weeks"
     
  5. Scott No Mates

    Scott No Mates Well-Known Member

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    State specific @D.T.
     
  6. D.T.

    D.T. Adelaide Property Manager Business Member

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    Obviously.
    Being a Western Australian i'm familiar with the rules there.
     
  7. Scott No Mates

    Scott No Mates Well-Known Member

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    Fairynuffs. It just doesn't work in all states eg NSW
     
  8. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Yup WA is the land of Trusts to reset land tax for each entity. I got mine and I didn't need a valium thanks to the abundance of Trusts.

    I have 2 North Perth properties in one trust.
    Angove St which I'm waiting on R60 zoning to be ratified by WAPC has a UV of $475k and Ellesmere R40 787sqm has a UV of $790k. The UVs seem not bad so no challenging them :)

    Agreggated together it's a UV of $1.2m so mine is $5300
     
  9. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Just read the article

    If you have $3m+ in one entity you need to sack your accountant and spend more time keeping up with policy than writing to your local MP.
     
    DaveM and Perthguy like this.
  10. HD_ACE

    HD_ACE Game-Changer Premium Member

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    So received mine. up 37%! Luckily my titles dragged out to just after June 30.

    Has the following always been added on as well as the land tax

    metropolitan region improvement tax??
    .

    Seems like another Rort.
     
    Big Daddy likes this.
  11. Paul@PFI

    Paul@PFI Tax Accounting + SMSF Business Member

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    MRIT has been about for a while....
     
  12. smallbuyer

    smallbuyer Well-Known Member

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    Got a bill from these guys the other day, it had more than doubled and they also say i am overdue and hence need to pay an extra 5% penalty. A week late = 5% penalty, that's 260% PA interest like payday lenders!! Rang the office as this is the first letter i got and they advised if i want the 5% waived i have to write to the commissioner!! They also refuse to email them out, only mail which is unreliable. Anyone had any luck getting this overdue fee refunded or getting bills sent via email?
     
  13. LifesGood

    LifesGood Home Building & Development Consultant Business Member

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    I got one once for an investment property that became my PPOR because the tenant moved out in the first week of July. It's not pro rata either.
     
  14. Scott No Mates

    Scott No Mates Well-Known Member

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    Read the legislation - no mention of email for the distribution of bills.
     
  15. Scott No Mates

    Scott No Mates Well-Known Member

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    Do properties in the west cost less than $3m Myf?
     
  16. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Just a little :p
    Though if you have $3m to spend at the moment you can get a really nice place
     
  17. smallbuyer

    smallbuyer Well-Known Member

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    If they aren't legally allowed to email account thew law needs to change. They should at least cc via email when they post something. Mail is so unreliable these days.
    So many things from the government they send once via mail with huge penalties if you don't pay on time. Also government departments are great at sending things to old addresses, even when you have told that department your address is now x you still get mail to the old address.