Land Tax, and do I have to pay it?
Yes, but there is an exception to the rule. Land tax is applied to the land component of some properties, and paying it is an continuous payment and agreement.
Rules and regulations of each state and territory
Remember, each state is different, and different laws apply. Each state has different land threshold value before land tax is payable.
If you have properties held by the same entity but in differ states, the entity must lodge Land Tax Returns for each state.
Land tax is not applied to your principal residence,i f you are living in the property.
The more parties involved, such as partnerships,companies, trusts and other entities, the more multifaceted land tax can become
You may have to lodge forms for land tax registration if you have or are the following
• bought or sold an initial or additional investment property
• a holiday home
• or experienced a change in circumstances, i.e. begun renting out primary residence.
Be sure to keep yourself updated with government websites for changes to policy and law.
Specifically for Victoria, no land tax form needs to be lodged as the State Revenue Office of Victoria automatically sends out an assessment.
For more information, visit www.sro.vic.gov.au