Do you own property?

With land tax assessments being rolled out, it is important to review your assessment to ensure that you are paying the obligated amount.

How much will I pay?

The 2022 year (year ended 31 December 2021) land tax threshold for NSW is $822,000 (up from $755,000 in 2021); the premium threshold is $5,026,000.

Land tax in NSW is generally assessed at 1.6% of the taxable value above the land tax threshold (if eligible) plus $100, and 2% above the premium threshold.

What if my assessment is incorrect?

Details of your assessment notice can be updated online before the first instalment date, or if it’s a ‘nil’ assessment, within 40 days of the date outlined on your assessment notice.

Objections to land tax assessments are required to be lodged within 60 days of the assessment being made. This can be made if you believe the legislation has been applied incorrectly to your assessment, or if you believe that the land value on your assessment needs reviewing.

How do I know if I am overpaying?

If you own property, you may be liable to pay land tax. However, landowners may be overpaying if they have not considered:

  • If the value assessed is fair and accurate
  • The exemptions which could apply
  • Properties sold in the past year
  • Where the property is being assessed (especially with trust ownership)
  • Multiple property ownership
  • Level or percentage of ownership.

Please note this article is based on thresholds within the state of NSW, and does not reflect thresholds in other states.

If you require assistance reviewing your land tax assessment, please get in contact with your PKF adviser.

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