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New land tax thresholds for 2012
Property Law News | March 2012
Land Tax is payable in NSW for each Land Tax year (January–December) in respect of property that does not qualify as the owners’ principal place of residence, and is not land that is used for primary production purposes.
From 1 January 2012, Land Tax is charged on taxable properties valued for Land Tax purposes at $396,000 or more. The previous threshold was $387,000 for the 2011 Land Tax year. The premium Land Tax threshold has also been increased from $2,366,000 to $2,421,000.
