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Land Tax Surcharge

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John | 09 Aug 2017, 06:02 PM Agree 0
Hi Again, Thanks for the information etc, Are you able to clarify for a dumb kiwi on this surcharge if known?
Do you think the three properties that I already hold will be ok? The last was purchased way back
in 2005 ?
The Land Tax is already pretty onerous for a small holder like me{A$8500}
I was hoping to hold untill 65{super age here} Then sell one to pay debt and have some cashflow to add!

John
  • Property88 | 11 Aug 2017, 09:28 AM Agree 0
    Hi John, I'm fairly sure it relates to contracts entered into on or after 1 October 2016, so you should be fine. Might be worth checking with a lawyer just in case, though?
    • John | 12 Aug 2017, 05:28 PM Agree 0
      Hello Again, I think I am going to be slugged with this surcharge as when I go onto the website and type in Land Tax it says held
      for this 2016-17 year as an absentee of forein owner?
      I think you were talking about purchases?
      I am really quite worried!

      John
  • | 11 Aug 2017, 10:21 AM Agree 0
    Hi, Again thanks, I sincerely hope so!
    Very much appreciate your help.
    Regards John
    • YIP | 13 Aug 2017, 04:11 PM Agree 0
      Hi John, I think it would definitely be worthwhile contacting a lawyer or the Qld Dept that handles this so you can find out how you will be impacted. You can make an enquiry here:
      https://www.qld.gov.au/environment/land/tax/calculation/threshold
  • John | 14 Aug 2017, 06:02 PM Agree 0
    Hi Again, Have recieved an email reply from the ATO and they say noticws have been sent out and yes I will be recieving the surcharge!
    So I have gone from slightly positive to very negative! Ok for many and if I was still working,But after 30 years I was kicked out
    due to developing MS, so now I am on aa Benefit of a measly NZ$200 a week! No room to move!
    I will need to sell ASAP! They really dont want us there?
    John
    • YIP | 15 Aug 2017, 11:59 AM Agree 0
      It would definitely be worth calling the ATO or speaking to a lawyer about your situation! Sorry to hear this is impacting you so badly.
  • Good luck | 16 Aug 2017, 09:28 AM Agree 0
    I hope it works out in your favour, this policy seems well intentioned but the politicians haven't thought through the impact on all investors who have been providing accommodation to Aussie residents for years! Let us know how you go.
  • John | 17 Aug 2017, 07:51 AM Agree 0
    Not so sure about being well intended! More a cash grab,government theft!
    Th ATO Say not thier area, but Office of state revenue! They say I don't meet any criteria for any exemption being non resident!
    I have tried to contact three QLD Lawyers, they don't want to no?
    So really I am pushing it up hill !
    To add insult to injury I now also have a major Termite issue! So much for termguard!
    I just need to get out ASAP!
    Should had stayed in my own backyard, at least there is No land tax,No stamp duty,No capital gains tax,No bloody Termites! Etc.
    But a missed opportunity for me now!
    If any kiwis are looking to invest in Australia I suggest only buying one in each state, Not all in QLD!
    Thanks for your Ear!
  • YIP | 17 Aug 2017, 01:38 PM Agree 0
    Oh John, I'm so sorry this has turned out to be such a debacle for you. If you're interested in sharing your story with our readers, we could look at putting a story together to raise awareness of this issue (I'm sure you're not the only one in this boat?) You can email editor@yipmag.com.au if this interests you.
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