The general land tax threshold for the year 2020 is $734,000.00.
Whether you need to pay land tax on your property depends on:-
- The type of property;
- What the property is used for;
- The total value you own as at midnight on 31 December each year;
- Whether you meet the definition of a foreign person.
There are exemptions and concessions where you do not have to pay land tax:-
- Your principal place of residence;
- A farm- known as primary production.
You may become liable to pay land tax if:-
- You own property jointly and it is not your principal place of residence;
- Vacant land which includes rural land;
- Holiday home;
- Investment property;
- Commercial premises.
It should be noted that land applies regardless of whether income is earned from the property or not.
For further information on land tax contact Revenue NSW at:
https://www.revenue.nsw.gov.au/taxes-duties-levies-royalties/land-tax#assessment or contact them on 1300 136 816.
Written by Megan Johnson