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Land Tax and Duties Update In its mini-budget released late last year the NSW Government announced several changes in relation to Land Tax and other State based duties. Some of the most notable changes include: New premium land tax marginal rate – for the 2009 land tax year (1 January 2009 – 31 December 2009) if the combined value of all taxable land that you own is more than $2.25 million the new premium land tax marginal rate of 2% will apply. The current rate of 1.6% still applies for taxable land values below the premium rate threshold. For the 2009 land tax year, eligible taxpayers may not need to pay land tax if the combined value of their land is below $368,000. Deferred abolition of duties – the impending abolition of the following duties has now been deferred until 1 July 2012: marketable securities duty on unquoted marketable securities including transfer of shares in share management fisheries, transfer duty on non-land business assets and any remaining mortgage duties. For borrowers who are natural persons, mortgage duty for owner occupied housing and investment housing has been abolished since 1 September 2007. Increase in nominal duties – fees for the processing of a range of documents were formerly $2 and $10. Effective 1 January 2009, these nominal duties will be increased to $10 and $50 respectively. Additionally, the duty payable on the execution of certain trust documentation and some other documents will be increased from $200 to $500. As with all legal and accounting requirements it is extremely important that you speak with your lawyer or accountant if you are not sure which rates, exemptions and duties apply to, and may be payable by you. Failure to pay the correct amount of land tax can have serious consequences. For more information in relation to the recent land tax and duty changes, or for advice on a range of legal issues, contact The Quinn Group on 1300 QUINNS or click here to submit an online enquiry. |
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Disclaimer: The contents of this document titled “The Quintessential Brief” (the ‘Material’) are provided as general information only. It is not intended to be given as advice and should not be relied upon as such. If you are concerned about any issue raised by the Material then you should seek your own professional advice. No warranty is given in relation to the accuracy, currency or completeness of the Material. No reader should act on the basis of any matter contained in this publication without first obtaining specific professional advice. Where applicable, liability is limited by the NSW Solicitors Scheme under the Professional Standards Act 1994 (NSW), and other relevant state legislation. The Quinn Group respects your privacy. Should you not wish to receive this newsletter in the future please contact us on 1300 784 667.