Land Tax Obligations

Properties in NSW are liable for land tax if the land is worth more than $368,000. Typically a property purchased for say $1.2M might be assessed as land value of $800,000, on which the land tax last year would have been $6,000. It is the responsibility of the owner to register, and if they don't register and pay dues each year, they can later find themselves presented with a bill for all the unpaid tax. With many landlords living abroad, conscientious estate agents like Ray White Beecroft send their landlords the necessary forms, but has had several owners complain that, because they didn't submit the form, they finally received a bill of $25,000 or more.