WA land tax

Let's say I own 2 properties (1 PPOR + 1 IP) in WA under my own name. I know of course that my PPOR will be exempt from land tax. However, will the value of my PPOR be added up when calculating the land tax on my IP? In other words, will I pay more land tax on my IP because I also own a PPOR versus, let's say, only owning the IP?

I hope my question makes sense. I'm trying to decide if there's a downside in me owning both properties under my own name.

 

no

 

No. The marginal rates only apply to the value of taxable property.

 

Thanks gents.

 

Hi, a related question on WA Land Tax.

I am aware that Trust and personal names have the same 300k thresholdl, and that holding IPs in separate names (wife, husband, wife+husband) trigger separate aggregates, however we are restricted in that our borrowing must be in joint names.

What would the aggregate land values be for tax calculation purposes in this situation?

IP#1: Land value = 200k, Owners: Husband + Wife
IP#2: Land value = 200k, Owners: Husband + Wife
IP#3: Land value = 250k, Owners: DT with Husband + Wife as trustees

Would it be: i) 400k and 250k, ii) 650k, iii) the separate amounts
Would this trust structure (with jt personal trustees) be treated separately?

Any other suggestion on structuring to minimize land tax, where the banks are insisting to have joint borrowers?

thanks

 

That does not mean that ownership must be in joint names.

 

Thanks Terry. I am exploring this but i know when dealing with CBA recently they insisted on names matching. If I am able to vary the names, I am likely to use single names on IP1 + 2, then joint on IP3. I can then use my QLD trust structures for any other purchase perhaps.

But if this is not possible...not sure

 

Hi @4theBoys , Do you know what is the aggregate land values?