Baronvonrort wrote on Apr 26
th, 2012 at 12:05pm:
Sir lastnail wrote on Apr 25
th, 2012 at 1:38pm:
I mean who wouldn't want to substitute 120 existing taxes for one land tax ? It's just that no political party has got the balls to do anything about it because they only care about getting voted in at the next election.
People who invest in property and land are nothing more than bottom feeding parasites. They profit from doing no work and are rewarded for it !!
I dont know anyone who thinks investing in property is a good idea as there are too many taxes and the
return on capital is pathetic.We already have a "land tax" for investment properties, i was put off by the $14,000 dollar land tax bill for a property which would mean about $300 per week from the rent just to cover land tax.
Rents are outrageous because of the government land tax that has to be paid by the tennant.
When you add up land tax,rates,insurance,property management fees there is not a lot left over for the investor who then gets slugged with capital gains tax when they sell.
If you had a million dollars would it earn more just by putting it in a term deposit or would you get a better return on capital by buying a house with it to rent out ?
I know someone who recently sold a rental property and they make more from the interest than they made from rent.
That's good but they should increase land tax to 6% as that video suggests. This would discourage speculators, hoarders and land banking.
Fortunately land tax is not paid on your principle place of residence which is fair !!
http://www.trilogygroup.com.au/articles/Land-Tax---The-Facts.html Quote:Land Tax is something we have written about previously this year but it is an area that we have considerable enquiries about so we thought we would provide information on the most frequently asked questions:
What is Land Tax?
It is an annual state government tax payable by the owner of the land. It is imposed in all states and ACT but not the Northern Territory. Each state and territory administers its own land tax laws. The laws are comparable between states with some variations.
Do I have to pay Land Tax on my Principal Place of Residence?
Your principal place of residence is generally exempt from land tax.
Do I have to pay land tax on property that isn’t earning any income?
Yes if your property is not exempt from land tax then it will be subject to land tax even if it is not earning income eg holiday house, hobby farm.
If I sell land part way through the way, do I receive a part refund for the land tax that was paid?
No, but the contract for the sale of the land may allow you to recover a portion of the land tax you paid from the purchaser. This is a matter for you to negotiate with purchaser prior to signing contract.
Do I have to pay Land Tax if on the 31st December I am in the process of selling my principal place of residence by I have already purchased my new place of residence?
You may be able to claim an exemption on both properties.
Do I have to pay land tax on my newly constructed residence if it is not ready for occupancy by 31 December?
If you buy land with the intention of building your place of residence, you can claim an exemption of up to 2 years after the date of purchase if you do not own and occupy an existing place of residence.
Do I receive a rebate if my land is rented at 31 December and I occupy it as my principal place of residence?
No if the property is taxed on the taxing date (31st December) then you are liable for the full amount of land tax for that year.
Who is considered to be a land owner for land tax purposes?
Sole owners, joint owners, companies, a trustee of a trust, a beneficiary of a trust, a shareholder in a home unit company are all considered land owners for land tax purposes.
Forum
Pages: 
