The Queensland (Qld) and New South Wales (NSW) Governments have commenced a marketing campaign about land tax, so Hanrick Curran felt it timely to remind our clients of their obligations. We have concentrated on QLD and NSW as this is where the majority of our client base resides, however similar rules apply in other States.
Land Tax is an annual tax payable by the owners of the land. Land Tax is administered by a State or a Territory Government. Land Tax is levied on the owners land at midnight on the 31 December in NSW and at midnight on 30 June in QLD of each year.
Your main home, i.e. permanent residence, is exempt from Land Tax both in Qld and NSW. If the total taxable value of your land exceeds the State Land Tax Threshold (see Table 1), you are liable for Land Tax.
Table 1 Land Tax Thresholds
|Companies, trust or non-residents of Australia||$350,000 #|
|# Special trusts in NSW do not receive a threshold and are taxed from $1.|
Different tax rates apply depending on the type of land owner, the total taxable value of land and available exemptions. For more information on the tax rates and exemptions contact either a Hanrick Curran staff member, or view the following links:
- NSW Office of State Revenue: http://www.osr.nsw.gov.au/taxes/land/about
- QLD Office of State Revenue: https://www.osr.qld.gov.au/land-tax/about-land-tax/land-tax-rates.shtml
If you are the owner of land in NSW and are liable for Land Tax, you must register your property by 31 of March otherwise you may be charged with penalties or interest.
If you are the owner of land in QLD and are liable for Land Tax, you will be generally notified by the Office of State Revenue. If you own land exceeding the threshold and have not been notified, you should contact the Office by 31 January.
Please contact your usual Hanrick Curran adviser or call 07 3218 3900 and ask for Jamie Towers if you have any queries about how Land Tax may apply to your land holdings.