Revenue Nsw Update Land Tax

An update 1 1 0 introduction land tax has had a chequered history in new south wales.

Revenue nsw update land tax. It was first introduced in 1895 abolished in respect of all land not in a local government area in 1906 reintroduced in 1956 and amended many times since. What is land tax. Proposed tax reform consultation the nsw government is currently undertaking a public consultation process to seek feedback on this proposal. A premium land tax marginal rate of 2 applies for special trusts on the total taxable land value above 4 616 000.

5 000 000 4 616 000 x 2 61 876 69 556. Revenue nsw has announced the land tax thresholds for 2020 are as follows. On tuesday the nsw government proposed switching stamp duty with an annual land tax of about 0 3 per cent of the unimproved land price plus 500 for owner occupiers. C is the land tax rate 2.

Land tax is an annual tax charged on all property you own that is above the land tax threshold. Your client id and correspondence id can be found on any recent revenue nsw correspondence. D is the maximum basic land tax payable 61 876. For more information about the proposed changes visit the nsw treasury website.

Some online services will be unavailable this weekend. The 2020 land tax covid 19 relief will be made available via application through service nsw. Generally speaking your principal place of residence is exempt. Nsw has chosen the optional route because it doesn t want people to be subject to double taxation whereby they ve paid stamp duty but then have to pay property tax on the same house as well.

Land tax covid 19 relief. This brie fing paper updates the re search service s 1998.