The NSW land tax threshold is $396K.
Does this threshold apply to corporate entities, or do you have to pay land tax on any holding?
If the threshold applies and I hold different properties in different corporate entities, do they each have the threshold applied before they have to pay land tax?
I could easily find the answer at http://www.osr.nsw.gov.au/taxes/land/faqs/ and thought someone would know
Land tax on property held in different corporate entities
Sun, 07/10/2012 - 11:29pm
#1
king-co
Land tax on property held in different corporate entities
I recommend you ask your accountant this question Brendan as the rules change all the time.
However, my understanding is that the threshold applies to each individual entity, not the sum of the entities. I have a number of assets spread across a number of entities (all in NSW) and certainly well over the threshold and I have never been hit with Land Tax.
Dean
We had an interesting situation where my partner as beneficiary to three different entities ended up with the land tax bill on top of the company bills. Some properties had been sold and brought one entity under the threshold so this was deferred to him as the beneficiary. It was all very tricky and interesting lesson. After checking with our Accountant - it was a matter of having a learning and paying out :-)