Browse Forums Building A New House Re: Paying land tax on new home building site?? 21Aug 05, 2009 5:01 pm Go to www.osr.nsw.gov.au, go to Forms and apply for an "Intended primary place of residense" exemption. Re: Paying land tax on new home building site?? 22Aug 05, 2009 5:08 pm Hmmm... so that is what you do in NSW. ...been having fun watching Onc_Artisan Where you are coming from is where you are going to... Re: Paying land tax on new home building site?? 24Aug 05, 2009 6:02 pm I did once for a few years back 76-81 Where you are coming from is where you are going to... Re: Paying land tax on new home building site?? 25Aug 05, 2009 6:59 pm Lower plateau Rd ring any bells Where you are coming from is where you are going to... Re: Paying land tax on new home building site?? 26Aug 05, 2009 9:52 pm onc_artisan :lol: mudmap - you may have thought I was backing out of something else, but was only referring to 'chelles' post tis all 'chelle I didn't think you could claim these expenses whilst you owned a block of land that isn't income producing. Sure you can claim them when you sell and are up for CGT, but whilst you just own a vacant block that is not earning you an income???? If you own a vacant block of land (surely an investment why else ) and it goes up in value and a CGT trigger occurs(sell, transfer, title change etc) you will have a CGT bill or a capital loss if it has goes down. Come on you accountants where are you Onc_Artisan I'm here, I'm a chartered accountant Tax isn't my forte, but I don't believe you would be able to claim back the land tax on a vacant block as it is not income producing. You can only claim expenses which you have incurred to generate income (eg, on an actual investment property that you have rented out) Re: Paying land tax on new home building site?? 27Aug 05, 2009 10:33 pm Hi Rinny, The thread started slightly differently, though I am sure you have read it. The question was interpreted by me as, the land has been classed as a second property and therefore not a PPR. So LandTax is applicable until it becomes the PPR and a claim for the % of 12 months that it is the PPR could be claimed back(since advised to ask for an exemption[though in NSW expect the same in vic]) thanks to Rachelle. Though I was thinking, (sometimes a bad thing to do without all the details ) ...that such a property would return a profit (or Loss) at sometime in the future. This being the case(profit) and should it have stayed as, not the PPR would be subject to CGT if a trigger occured. As a very minimum LandTax and other costs would increase the 'costbase' and therefore reduce the CGT componant. Interest, legal fee, rates etc would also be applied to the costbase, yes? Onc_Artisan Where you are coming from is where you are going to... Re: Paying land tax on new home building site?? 29Aug 27, 2009 12:18 am I'll use this month old thread to pass on what I've learnt about LAND TAX (Victoria) You can be subject to 1 years worth of land tax if at the 31st December if you have purchased a vacant block prior to selling your current home. Expenses are not deductable as it must be available to earn income (ie rent). If you later sell and are subject to CGT this is may be different. To apply for an exemption on the grounds you are moving your primary residence you must have the house built by the following June. We are currently paying rent, rates, mortage and now $600 land tax OK i'm done. Re: Paying land tax on new home building site?? 30Aug 27, 2009 12:33 am Thanks muddy Onc_artisan Where you are coming from is where you are going to... the exemption applies only to your principal place of residence - so you must live in it. The 200 days is continuous. You also have to apply for the exemption. 2 13312 If it's your primary residence then there is no tax deductions to be made. 4 125237 For reference, this is the Austlii reference. My take on this is, that they would be breaking the law denying access to a homeowner in Victoria, or their agent from having… 1 9068 |