Land tax during 6-year rule?

Discussion in 'Investment Strategy' started by MiddleClassMonkey, 28th Oct, 2007.

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  1. MiddleClassMonkey

    MiddleClassMonkey Well-Known Member

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    Hey all

    I'm looking at renting out my PPOR while I occupy another premise but wondering if, during the 6 year vacancy period allowed, I am required to pay land tax.

    Thanks

    MiddleClassMonkey
     
    MiddleClassMonkey, 28th Oct, 2007
    #1
  2. Simon Hampel

    Simon Hampel Founder Staff Member

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    Yup, 6 year rule applies to CGT only ... you will pay land tax if you do not occupy the property.

    For NSW ... check out Principal place of residence exemptions

     
    Simon Hampel, 28th Oct, 2007
    #2
  3. MiddleClassMonkey

    MiddleClassMonkey Well-Known Member

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    Thanks Sim do you know where I am meant to 'register' my PPOR as starting the 6-year rule? If it's not something I register, how/where do I pay my land tax?
     
    MiddleClassMonkey, 29th Oct, 2007
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  4. Simon Hampel

    Simon Hampel Founder Staff Member

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    I'm not sure what you are wanting to register for a "6 year rule" in the context of land tax.

    For CGT, there's nothing to register - you just need to keep good records (and evidence?) and let your accountant work it out.

    For land tax, once you move out and you become liable tax - check this: What to do if you think you are liable
     
    Simon Hampel, 29th Oct, 2007
    #4
  5. AsxBroker

    AsxBroker Well-Known Member

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    Hi Monkey,

    Your accountant can take note of the start date. If you don't have an accountant your realestate agent who you are using to rent the property out can take note for you. Probably the Office of State Revenue (for NSW) pr whomever your Stamp Duty office is.

    Try www.osr.nsw.gov.au

    Cheers,

    Dan
     
    AsxBroker, 29th Oct, 2007
    #5
  6. Simon Hampel

    Simon Hampel Founder Staff Member

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    Simon Hampel, 29th Oct, 2007
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  7. MiddleClassMonkey

    MiddleClassMonkey Well-Known Member

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    That's heaps of help - thanks to you both
     
    MiddleClassMonkey, 29th Oct, 2007
    #7