How carefully are you checking your land tax assessment?

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Don’t get caught out paying more than you should on your land tax assessment! 

Firstly, what is a land tax assessment?

If you own an investment or commercial property, a holiday house or vacant land, you will get a land tax assessment every year outlining the property you own and how much you will be taxed.

Land tax assessments will be sent between January and May to either you or your accountant. It will list all the land you owned on 31 December of the previous year.

When you receive your assessment, you will need to check it to ensure all the details are correct such as all the land you own, exemptions and sold land.

So, are you checking your assessment carefully?

We heard of a case recently where the details on a land tax assessment didn’t match the actual property size on the Certificate of Title, which created a much larger land tax payable for the client!

This was picked up by an astute accountant who realised the land sizes didn’t match, but unfortunately because the deadline to dispute the land tax assessment had passed, getting this mistake resolved has now turned into a long and convoluted process.

This case serves as an important and timely reminder to always check your assessments thoroughly and make sure all the details are correct, so you can lodge any disputes before the deadline.

If you need to change or add any details, request an exemption or, add and remove property, you can contact the State Revenue Office (SRO) within 60 days of receiving the assessment. This can be done via My Land Tax.

If you have any questions, please get in touch with your Aintree Group advisor.

Want to learn more about land tax? Read our blog here on our Insights page.