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Land tax in Super fund

Discussion in 'Superannuation, SMSF & Personal Insurance' started by Elkam, 3rd Oct, 2007.

  1. Elkam

    Elkam Member

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    Lanaken, Limburg
    Does anyone know how land tax is treated for a property you hold in a SMSF.

    Does it get taxed "stand alone" or aggregated to any other properties you hold outside your SMSF.

    Thank you for any information.
    Elka
     
    Last edited by a moderator: 3rd Oct, 2007
  2. Elkam

    Elkam Member

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    I suddenly realised that land tax is a state tax.

    I was specifically refering to Victoria though the federal government may have made a rule about this that all the states need to follow?.
     
  3. crc_error

    crc_error The Rule of 72

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    its a dirty Labor Tax.
     
  4. MattR

    MattR Well-Known Member

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    crc_error. Land tax is a nasty tax whoever levies it.

    Elkam - the Super Fund if it holds the property in its own right (or via a Trustee of course) will be liable for any Land Tax.
     
  5. Elkam

    Elkam Member

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    Thank you for your reply MattR.

    I went to the SRO website for extra info.

    2005-06 State Budget Information - Land Tax Trusts Provisions

    It seems that a super fund is an excluded trust which means that it will not be liable for the land tax surcharge which is levied agains normal trusts. A small mercy. :rolleyes:

    Elka
     
  6. Superman

    Superman Well-Known Member

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    Regarding VIC land tax, I recently had a client's 2006 and 2007 Land Tax assessments overturned and reduced to $0 simply by nominating the super fund as a unit holder (land was held by a related unit trust at the time of the assessments).

    Regarding QLD land tax, I was recently talking to a valuer from Herron Todd White who indicated something about unimproved land values working on three year rolling averages, with the next round of assessments there is expected to be a large jump.

    I would be interested if anyone knows about this in more detail.
     
    Last edited by a moderator: 6th Nov, 2007