If you held properties in NSW at 31 December 2018 other than your main residence, you may be required to register for land by 31 March 2019.
If the value of the land attached to your NSW properties is valued above $692,000 at 31 December 2018, you will be required to pay Land Tax at a rate of $100 plus 1.6% of the land value above $692,000.
Your properties land is valued to calculate your Land Tax liability based on the average values of the current year and past two years. Properties which are strata titled can also be liable for Land Tax.
If you own land in NSW and are a foreign resident, you are also liable for a Land Tax surcharge. This is levied at a rate of 2% on the value of land attached to your NSW properties. No tax free threshold is applicable to the surcharge.
It’s important to ensure that you have registered yourself for Land Tax as the Office of State Revenue can impose penalties for failing to register for Land Tax.
Other states also levy their own Land Tax for properties held in their states.
If you would like to discuss your requirements to register for Land Tax, we encourage you to reach out to your advisor here at Quantum who can assist you.
