Browse Forums Buying Land 1 Jun 23, 2021 12:08 am 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 Re: Land registration or transfer title 2Jun 23, 2021 10:55 am 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. Dark matter scientist, can breathe underwater, mind reader and can freeze matter just by willing it. Trust me, its in my sig. Re: Land registration or transfer title 3Jun 23, 2021 10:03 pm Noname 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. 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. Re: Land registration or transfer title 4Jun 23, 2021 11:10 pm This gets done once a year. Guess what time it is? It's end of financial year. Dark matter scientist, can breathe underwater, mind reader and can freeze matter just by willing it. Trust me, its in my sig. Re: Land registration or transfer title 6Aug 30, 2021 4:40 pm Hope your land is settled by now. how long it took your developer for ATO clearance after registration or is it still in process ? Flamingo Give me a call and I will do my best to talk you through it. For those who would like an answer, Subject to seeing your actual DA condition, I think you are… 1 3920 Hi, This is my first post. We are planning to buy new home via House and Land (H&L) Package around Boxhill/Gables/Marsden Park in Syndey. Googled reviews for most of… 0 10488 Very good points. Thanks so much ponzutwo for your advice. Appreciate it. 2 10379 |