Osr
- Thread starter macca446
- Start date
If you don't register and you are above the threshold, you will get hit with a catch up bill and the annual bill in a short period. Does wonders for your returns.
Registration is essential (and compulsory).
Registration is essential (and compulsory).
I did pay land tax about 6 years ago as I was over threshold but sold my PPOR and made my 1st IP my new PPOR in which I did let them know so no longer had to pay,I recently bought 2 IP late last year and just thought it was automatic.I did calculate all of my IP land value except 1 of them as I do not know its actual land value I have about 78k left in the threshold so might be a bit over not to sure,I will call them up .
Thanks
Thanks
Ok thanks Aaron shall do.
Registration IS NOT AUTOMATIC. Its not something a solicitor does on acquisition either. That a common misconception. Until title changes the prospective owner cant register either !! Failure to register is frequently deected on sale when a land tax clearance certificate is required. That can be avoided. Solicitors dont advise property use !!
I always recommend IP owners register even if the land value is negligible. It avoids all concerns about value creep and you wont get a OSR letter asking why you arent registered in several years when they datamatch ownership records with land tax records.
OSR websites have forms. Some online too. You should use title references (Rate ntce or on contract).
I always recommend IP owners register even if the land value is negligible. It avoids all concerns about value creep and you wont get a OSR letter asking why you arent registered in several years when they datamatch ownership records with land tax records.
OSR websites have forms. Some online too. You should use title references (Rate ntce or on contract).
I've never seen a solicitor or conveyancer do this - not for my own properties in several states or in NSW for clients.
So how is the OSR supposed to calculate the appropriate duty if your solicitor doesn't even tell them the use of the property? If that was the case then there would be a lot more people getting land tax bills inappropriately.
With every property I have purchased across Vic, NSW and Qld I have been asked to nominate whether the acquisition is for residential PPOR or for investment purposes.
As a default and fall back however, (as others have mentioned) it might be best to inform the relevant OSR that the property has been purchased as an investment even if land value component is below threshold for the person(s) (for cumulative multiple property assessment) or within an entity such as a DFT.
As a default and fall back however, (as others have mentioned) it might be best to inform the relevant OSR that the property has been purchased as an investment even if land value component is below threshold for the person(s) (for cumulative multiple property assessment) or within an entity such as a DFT.
The owner is supposed to register for land tax.
My solicitor always notifies OSR on my behalf. It has been part of the purchasing practice. Maybe this only happens in Victoria.
I have never had to advise OSR and I have been buying and selling for over 40 years
The Land Tax statement is always correct.
I purchased a holiday house last May and that is included on this year's assessment
Chris
I have never had to advise OSR and I have been buying and selling for over 40 years
The Land Tax statement is always correct.I purchased a holiday house last May and that is included on this year's assessment
Chris
Is there a way to check if the purchase has been registered with OSR ?
