Land tax is generated by Revenue NSW on the total value of residential investment land owned by any person, individual, company or family trust, in NSW. This land asset’s taxable value is assessed by Revenue NSW annually and right now, Revenue NSW is sending out notices of assessment on all land holdings as at 31 December 2017.
It is in your best interest to ensure you are correctly registered for land tax no later than 31 March 2018. Your registration must include the foreign person status of any company or family trust you hold.
New land tax penalties apply since last year. These penalties are imposed on foreign beneficiaries and foreign trustees owning residential land in NSW. If you haven’t done so already, it is time now to have a Deed of Variation prepared for you to avoid surcharges on your land tax bill.
A determination of foreign beneficiary or owner of land within your trust/s can be used to prepare a Deed of Variation to lower your land tax penalties. The current 0.75% ‘Surcharge Land Tax’ increased to 2% ‘Surcharge Land Tax’ from 1 January 2018 and an 8% ‘Surcharge Purchaser Duty’ could apply to you.
Without delay, get in touch with us!
We can register you for land tax for $250 + GST and/or prepare a Deed of Variation for $500 (minimum) + GST, sparing you additional ‘Surcharge Land Tax’.
How can YML help?
Talk to our Accountants today to see how YML Group can assist you with registering for Land Tax and a Deed of Variation. Contact us on (02) 8383 4400 or by visiting the Contact Us page on our website.