Land Tax can be costly! Be it for your personal property investment, land under development or business property, you need to consider how you will minimise the sting of Land Tax to your back pocket.
In majority of cases, Land Tax is payable at set rates once the value of land you hold exceeds the set threshold. In addition, land is taxed at higher rates if you exceed the “land rich” threshold.
However! Keep in mind the following:
- Your principle place of residence is exempt for land tax.
- You may also be eligible for the land tax threshold in multiple states!! Hence, you may own multiple properties with no land tax costs at all!
- In majority of cases, land tax may be allowed as a tax deduction saving you $1,000’s!
Each state revenue office allows for exemptions and concessions under different circumstances so it’s important to make sure you aren’t caught out by these distinctions.
If that sounds like a process you’d really rather not have to worry about, Alliance Accounting can assist you to ensure that the minimum amount of land tax is paid on your property. We specialise in NSW land tax but we are also experienced with land tax for other states. We engage with our internal contact from each Office of State Revenue to ensure an appropriate business structure for your business.
As a property investor your time can be better spent searching for those golden opportunities for investment to grow your portfolio rather than labouring over the semantics of Land Tax. That’s our job!
Lets get the discussion going and see if we can save you some money! For a friendly no obligation call-back, click on the orange button below and one of our Chartered Accountants will be in touch.