LAND TAX – 2014 / 2015 (Assessment Dates and Rates)
Land Tax – may be Payable Now
In two States of Australia, Land Tax is assessable as of the 1st January 2015! Other States, it is assessable at different times. However, if you own Investment Properties, a Principal Place of Residence that has been rented out (even temporarily), land, or a holiday house, then you need to consider the implications of land tax on your investment.
Still Liable even if Rented
If the property is rented out then you will need to pay land tax with the exception that if it’s an investment property or a holiday home (second home) or a block of land. These are still liable to land tax even if they are not rented out.
Land tax is calculated based on the Unimproved Value of the land (not property value) held on the one day and they are all different from State to State. (See assessment dates below).
Properties Interstate? – then Aggregate
If you have properties in different States, then you need to assess your Land Tax Liability (if any), based on the aggregation of properties per State.
- 31st December NSW, VICTORIA,
- 30th June QUEENSLAND, TASMANIA, WESTERN AUSTRALIA, SOUTH AUSTRALIA,
- ACT has 4 quarterly dates 1st July, 1st October, 1st January, 1st April (liability dates)
If you owned property on that one day than you are liable to pay land tax for the following full 12 months with exception of ACT.
- 31st December 2014. Liable for land tax from 1st January 2015 to 30th December 2015
- 30th June 2014. Liable for land tax from 1st July 2014 to 29th June 2015.
Must Know These
- Land tax is generally payable for land values (not property values) above the Land Tax Threshold.
- Each State has their own Land Tax Thresholds, please refer to each OSR for further information.
- If you are under the land tax threshold there is no land tax to pay for that State
- Each State taxes Trusts in a different way also and the different types of Trusts are all treated differently for Land Tax purposes.
OSR Direct Links
Please see the following direct links to the Office of State Revenue (OSR) for a comprehensive description of ALL land tax payable for Individuals, Companies, Trustees, etc
- NSW – http://www.osr.nsw.gov.au/taxes/land
- VIC – http://www.sro.vic.gov.au/sro/SROnav.nsf/childdocs/-3A87315B22BC23FFCA2575A100441F59-A6FAB6BE64979127CA2575A100441FA4?open
- QLD – https://www.osr.qld.gov.au/land-tax/about-land-tax/land-tax-rates.shtml
- TAS – http://www.sro.tas.gov.au/landtax
- WA –http://www.finance.wa.gov.au/cms/State_Revenue/Land_Tax/Land_Tax.aspx
- SA – http://www.revenuesa.sa.gov.au/taxes-and-duties/land-tax
- ACT – http://www.revenue.act.gov.au/duties-and-taxes/land-tax/land-tax-calculation
For strategies on how Chan & Naylor can help you with your land tax then please give us a call on 1300 250 122 or see our website for a free 10 minute call with one of our Partners.
Non Executive Chairman and Founder of Chan & Naylor Property Accountants
If you intend to rely on any of the information in this document to satisfy liabilities or obligations or claim entitlements that arise, or could arise, under a taxation law, you should request advice from a registered tax agent. This information does not take into account your individual objectives, financial situation and needs. You should assess whether the information is appropriate for you and consider talking to a financial adviser before making an investment decision. The information contained in this article is given in good faith and is believed to be correct at the time of publication, but no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors or omissions (including responsibility to any person by reason of negligence) is accepted by Chan & Naylor, its officers, employees, directors or agents.