What is tax planning? Essentially, tax planning is something you do to put your business into the best possible tax position. After all, nobody... Read more
Business Adviser, Sam Crugnale updates us on the changes that could affect you when it comes to Land Tax. Read the full article below.
The 2019-20 State Budget proposed significant changes to the land tax regime. Amendments will be made to the aggregation rules and a surcharge will be imposed on certain trusts from 1 July 2020 (i.e. land held at midnight on 30 June 2020).
While a property owner’s principal place of residence is generally exempt, land tax is payable on the total taxable value of all other land owned in South Australia, either individually or jointly with another person, where the value of that land is $391,000 or more.
The current land tax regime in SA is largely based on the legal ownership of land. The proposal is to introduce sweeping aggregation measures that seek to “look through” legal structures to identify one or more ultimate owners or controllers of the land.
Specifically, the Budget announcement states that the measures will include:
The final details of the arrangements are subject to consultation prior to implementation, and the approval of legislative amendments by Parliament.
If you would like some more information on how this may affect you, contact our team on 08 8172 1444 or at firstname.lastname@example.org.
Luke Talbot-Male, Adventures Beyond
Phillip Cross, Royce Cross Agencies