16 December 2010
It's that time of year ... Christmas is just weeks away and many property owners will discover that state revenue offices are issuing their annual land tax notices to fill their coffers and let's face it, nobody wants to give our state treasuries Christmas presents voluntarily.
If you own or part own land, you may be liable for land tax. This includes vacant land, development properties, holiday homes, investment properties and commercial properties to name just a few. There are different considerations for individuals versus special trusts, commercial property owners and investors.
In 2011, the following levies will apply for NSW individual land owners:
Source: NSW Office of State Revenue
Each State has its own assumptions and calculations and If in doubt, or you require advice on land tax levies, you should contact your accountant.
For more information, please contact us on 02 9957 4033.
Follow Bates Cosgrave News on Twitter @batescosgraveCA
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.