Based on land
you may own on
31 December
A. Principal
place of residence - mixed uses
Where a principal place
of residence is used for other purposes (eg a shop, dog boarding kennels,
retail plant nursery, etc)
that proportion
not used as the residence of the owner, is liable for land tax.
B.
Exemptions
The most common
exemptions apply to the principal place of residence and land used for
primary production.
C. Rates
of tax - 2012
Land tax is
assessed at the rate of 1.6% plus $100 after allowing for threshold.
D. Threshold -
2012 assessments
The NSW State Government has
advised the threshold for 2012 year (land owned on 31 December 2011)
is $396,000 (formerly $387,000).
E. Special trusts and non-concessional
companies
If land is subject to a special
trust, or is owned by a company classified under Section 29 as a non-concessional
company,
land tax will be charged at a rate of 1.6 cents for each $1 of the
taxable value. (There is no threshold in such cases.)
F. Average values
The land values now used are
for the current year with the past two years averaged.
G. Premium Land Tax
Premium land tax marginal rate of 2% will apply to land tax payers with
total taxable land holdings above $2,421.000.
The land holding below the premium threshold will
remain subject to the 1.6% rate
and receive the 2012 tax free threshold of
$396,000.
The premium threshold will
be indexed for the following tax years.
The premium marginal rate does not apply to exempt
land such as principal place of residence or primary production land.
For additional
NSW information visit
www.osr.nsw.gov.au
Land Tax in other states of
Australia
Contact us if you need any details for other states of Australia.
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