I sold a property AFTER 30 June. Who is liable for the Land Tax?
The owner of the property as at midnight 30 June is liable to pay the land tax assessed for the forthcoming financial year. Where a property was sold after 30 June, the vendor (seller) is still liable for the land tax. The Act does not provide for pro rata payments or apportionment of the land tax where properties are sold and/or purchased during a financial year. It is a common practice (although not a legal requirement) for land conveyancers and solicitors to arrange a proportional adjustment between the purchaser and the vendor of land, for any applicable Land Tax at the time of land settlement. This adjustment should be calculated as if the property being sold is the only taxable property in the ownership. Any specific questions regarding the apportionment of the land tax or payment of the tax at settlement should be directed to your land conveyancer or solicitor. Back to top Can I have a separate notice for each property? No. The land tax legislation requires land tax to be calcul
Related Questions
- How is the sale of real estate treated for tax purposes when the land has been subdivided and only a portion of the subdivided property is sold in a subsequent sale?
- What if the property is not sold in the Tax Foreclosure/Constable Sale? Dose the price change?
- I sold a property AFTER 30 June. Who is liable for the Land Tax?
