The new land tax thresholds for year 2022 are:-
- General threshold is $822,000.00
- Premium threshold is $5,026,000.00
If you have recently purchased an investment property it is a good idea you speak to Revenue NSW to see if land tax will be payable.
If you fail to register for land tax Revenue NSW may impose penalties such as charging penalty interest. It is your obligation to register for land tax, it is not up to Revenue NSW to notify you.
Remember land tax is payable regardless whether income is earned from the land or not.
If you require any further information, please do not hesitate to contact our friendly property department team on 02 4721 6200.
Written by Megan Johnson.