As you are no doubt aware, the changes to South Australia’s Land Tax Legislation have now been passed.
The new provisions are lengthy, detailed and complex, however depending on how your property investments are structured a reduction in land tax is possible! Yes, you may save some money!
TTO has developed software to calculate the most tax-effective situation for our clients investment properties, the system reviews all possible combinations of beneficiaries and will calculate the new Land Tax payable for each. We believe this will provide confidence in the decisions being made when nominating beneficiaries and also an estimate of the Land Tax payable for the new financial year. The Software will also show the amount of Land Tax payable when property value increases are applied, which is likely given the recent activity by the Valuer-General.
IMPORTANT DATES & EVENTS
30th March 2020 – Revenue SA Portal Opens
Early April 2020 – Land Owners receive a letter from Revenue SA
April – June 2020 – Land Owners required to confirm and upload property information to Revenue SA Portal (ACTION REQUIRED)
31st July 2020 – Last Day to provide notice of Land held in Trust (ACTION REQUIRED)
October 2020 – Land Tax notices of Assessments issued
31st March 2021 – Applications for the Transition Fund closes for 20/21
30th June 2021 – Last Day to nominate beneficiaries for a Discretionary Trust
If you would like any assistance with understanding the new SA land tax regime or require a review of your current circumstances, please contact us at TTO Chartered Accountants on 08 8211 9426
