The recent state budget in South Australia posed a change for out current land tax. The government mentioned that they were going to reduce land tax however they are talking about implementing an aggregation model. Not many people understand what this means or what this might look like . This video and article is to help enlighten you.
What is land tax and how is it currently calculated?
Land tax is assessed based on whoever the owner is. This could be the legal or the beneficial owner meaning a trust or an individual. Land tax is progressive so under $350,000 it is 0 percent but when it is above $2.5 million it’s 3.7 percent to the value of the land. This is the highest rate. This does not include improvements to the land. You can find out what your land tax is initially from your land tax assessment notices.
For more updates on land tax July 2019, be sure to finish watching the video above. If you have any questions we would be more than happy to answer them. Just get in contact with us here. If you enjoyed this article and video, check out Rise High TV for similar material.
