Surcharge land tax explainer video


Surcharge land tax + information=knowing what I need to do Surcharge land tax + information=knowing what I need to do If you are a foreign person, then you might have to pay a surcharge tax on all residential land you own. This is in addition to any land tax that you might pay. You may have to pay the surcharge even if you do not pay land tax and if the property is your home. You may be a foreign person if you are not an Australian citizen. You can be an individual, a corporation, a trustee of a trust, a beneficiary of a land tax fixed trust, a government, a government investor, a partner in a limited partnership. You must pay the surcharge on the taxable value of all residential land that you own in NSW as at midnight on 31 December of each year. To find your surcharge amount, we calculate your share of land ownership and multiply it by the current rate of surcharge. Here’s a quick example of how surcharge is calculated. In this example, you may also need to pay land tax. How we calculate land tax is explained in our Introduction to Land tax video. If you think you are a foreign person, you need to register with us as soon as possible. You can register online at any time. Failing to register for surcharge land tax means you may be charged interest and penalties. To register or for more information, go to the Revenue NSW website at www.revenue.nsw.gov.au

Leave a Reply

Your email address will not be published. Required fields are marked *