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New Property Tax
A new land tax transfer will be levied on the buyer as an additional cost when purchasing property commencing 1 July 2010.
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The New Fair Work Act is explained - implications for small and medium business.
New Property Tax
A new land transfer tax will be levied on the buyer as an additional cost when purchasing property commencing 1 July 2010.
The introduction of this tax we are told by the Minister of Lands is to cover new security measures imposed by Land and Property Management Authority. The new security measures again, we are told, are aimed at strengthening the land title examination processes which should include six additional authentication measures such as a new watermark and a security trust seal tailored specifically for Certificates of Title.
The new land transfer charge will be imposed on the sale of residential and commercial property and calculated on that portion of the sale price which exceeds $500,000 as follows:
• Sale amount between $500,000 and $1,000,000 will attract a tax rate of 0.20%.
• Sale amount above $1,000,000 will attract a tax rate of 0.25%.
For example:
• If you are purchasing a property for $600,000 then you will pay $200 tax.
• If you are purchasing a property for $1 million then you will pay $1,500.
• If you are purchasing a property for $1.5 million then you will pay $2,250.