Revenue NSW will begin the process of issuing 2023 Land Tax Notice of Assessments from January 2023 onwards.
You will receive them in the post either directly or from us if we act as your land tax agent and postal address.
If you prefer to receive these electronically you can now elect to receive them via this method following the steps outlined below
- Go to Land Tax Online
- Log in using your latest Client ID and Correspondence ID
- Select ‘Client details summary’ from the menu
- Update notifications delivery preference to email.
If you have a liability for 2023 and opt-in to receive your notices directly to your inbox, this will be sent to you from Service NSW on behalf of Revenue NSW.
Extended payment plans available
You can opt-in via Land Tax Online to pay your land tax in an interest-free payment plan. The payment plans can be set up with monthly or fortnightly payments
Changes to land tax in 2023
Foreign owner surcharge land tax
From the 2023 land tax year, the surcharge land tax payable on residential land owned by foreign persons increases from 2% to 4% of the taxable value of the residential land owned at midnight on 31 December 2022.
Early payment discount
From the 2023 land tax year, the discount for early payment of land tax reduces from 1.5% to 0.5%.
Land tax thresholds
The thresholds for land tax year 2023 are:
- general threshold: $969,000 (up from $822,000 in 2022)
- premium threshold: $5,925,000 (up from $5,026,000 in 2022)
How is land tax calculated?
Land tax in NSW is calculated on the total value of all your taxable land above the land tax threshold, not on each individual property. If the combined value of your land does not exceed the threshold, no land tax is payable. Your liability for each year is based on the value of all land you owned on 31 December in the previous year. Any changes to the land you own this year will only affect how much you pay next year.
Certain land is exempted from this calculation, including but not limited to your principal place of residence, primary production land, retirement villages and childcare centres.
The value of all land in NSW is calculated each year by Valuer General as at 1 July and these amounts are used in making the relevant calculations. And it is important to note these values are based on the unimproved value of your land and not on what the market value is.
Should you need advice on assessing your liability to this tax or need help registering or amending your landholdings, please let us know.
Additionally, we can assist and advise on other State and territory land tax rules should you own property outside of NSW.
