Hi All,
Purchased land off the plan and in the land registry the is registered.
But no information from developer so When I called up the developer said they are now submitting papers for tax clearance what does that it mean and how long will it take ?
So what are different types of clearance the developer has to do before transferring the title
Thanks in advance
Land registration or transfer title
Page 1 of 1
You want to be mindful of what the contract says about apportioned land tax. what developers do is they "apportion" the value of their entire land tax bill (usually in the millions) against all the lots they own based on their size (smaller lots have smaller apportioned tax obligations).
The reason they do this is to pass on the land tax to you, so they don't have to pay it. However, as the buyer under this arrangement you only pay the apportioned tax for the period remaining before the next assessment. It sounds like the developer is sorting out their tax bill so as to sting you with a full years apportioned amount to lessen their total and to regaiin some funds back. Beware.
The reason they do this is to pass on the land tax to you, so they don't have to pay it. However, as the buyer under this arrangement you only pay the apportioned tax for the period remaining before the next assessment. It sounds like the developer is sorting out their tax bill so as to sting you with a full years apportioned amount to lessen their total and to regaiin some funds back. Beware.
You want to be mindful of what the contract says about apportioned land tax. what developers do is they "apportion" the value of their entire land tax bill (usually in the millions) against all the lots they own based on their size (smaller lots have smaller apportioned tax obligations).
The reason they do this is to pass on the land tax to you, so they don't have to pay it. However, as the buyer under this arrangement you only pay the apportioned tax for the period remaining before the next assessment. It sounds like the developer is sorting out their tax bill so as to sting you with a full years apportioned amount to lessen their total and to regaiin some funds back. Beware.
The reason they do this is to pass on the land tax to you, so they don't have to pay it. However, as the buyer under this arrangement you only pay the apportioned tax for the period remaining before the next assessment. It sounds like the developer is sorting out their tax bill so as to sting you with a full years apportioned amount to lessen their total and to regaiin some funds back. Beware.
Do all the developers for through this process. The estimated time developer told is 8 to 10 weeks is that true. How come other developers settle in 14 or 21 days after land registration.
Trying to understand the process what is takes to get a title on a newly developed property.
This gets done once a year. Guess what time it is? It's end of financial year.
what does your contract say about when the settlement should occur?
Hope your land is settled by now. how long it took your developer for ATO clearance after registration or is it still in process ?
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