#land tax

[tax-consultants-perth]

Land Tax Strategies in Perth: Useful Insights and Advice

In the realm of tax considerations for families and investors in Perth, one crucial yet often underestimated factor is land tax. While attention tends to gravitate towards more prominent taxes like capital gains tax and GST, understanding the implications of land tax is paramount, especially as property portfolios expand.

What Exactly is Land Tax in Perth?

Land tax stands as an annual levy imposed on property owners throughout Perth and Western Australia. Unlike its more illustrious counterparts, such as capital gains tax, land tax often operates under the radar for many tax professionals in Perth. Nevertheless, for property investors, comprehending its significance is indispensable. This tax applies to properties not designated as the owner’s primary residence and is payable annually in advance.

Understanding Land Tax Rates

In Perth, land tax rates are calculated on a marginal basis. The crux of this calculation lies in the simple principle: the more land you possess, the higher your tax liability. As a critical consideration for property portfolio growth, the cumulative costs of land tax can escalate significantly over time. It’s worth noting that the tax rate comes into effect based on the property’s valuation as of June 30 each year, underscoring the pivotal role of the property’s purpose at that specific date for tax assessment.

The Real Impact of Land Tax Expenses

As families expand their real estate portfolios, the burden of land tax also mounts. While commercial property investors might attempt to shift this cost onto their tenants, the ultimate responsibility lies with the landlord. High land tax expenses inevitably translate to elevated variable outgoings for a property. Consequently, this could affect the market rent commanded from tenants, as they assess the total cost of renting the property.

Navigating Land Tax Assessments

The assessment date for land tax hinges on property ownership status as of June 30. Prepaid annually, the tax depends on the intended use of the property at that juncture. It’s noteworthy that transitioning a rental property into a primary residence post-June 30 renders one ineligible for a land tax refund for the period of ownership.

Strategic Planning for Land Tax Mitigation

Strategizing to mitigate land tax liabilities demands a nuanced approach. Merely selling a property could trigger additional taxes like transfer duty and GST, potentially offsetting any gains. Moreover, the Land Tax Assessment Act of 2002 includes an anti-avoidance clause, empowering tax authorities to scrutinize restructuring endeavors aimed at manipulating land tax obligations.

Leveraging Legal Entities for Tax Relief

In Western Australia, land tax isn’t aggregated across related entities. Instead, each legal entity is taxed independently, presenting an avenue for substantial tax savings. For property owners with diverse portfolios, distributing ownership across different legal entities can offer significant relief from land tax burdens.

Considerations for Jointly Held Properties

Properties jointly owned with others undergo individual assessment for tax purposes, distinct from individually owned properties. The ownership structure influences the tax rate, and each property—whether solely or jointly owned—incurs its tax liability, contributing to the overall land tax burden.

The Complexities of Subdividing Land

Subdividing land introduces complexities, particularly concerning retrospective land tax assessments. Retroactive taxation may apply to subdivided portions, with the responsibility falling on the current owner, even if the previous owner benefited from tax-exempt status. Consulting tax professionals well-versed in land tax regulations is crucial when considering land subdivision.

Long-Term Planning Across Jurisdictions

Land tax is state-based, solely considering land held within Western Australia. Holding significant land in other Australian states or overseas properties doesn’t aggregate with Western Australian holdings for land tax assessment. This presents an opportunity for strategic property structuring to minimize land tax costs.

Conclusion

In conclusion, overlooking land tax implications can be detrimental to investment planning. Our Perth-based tax advisory firm specializes in assisting families in business with property tax structuring. If you’re grappling with land tax assessments impacting your portfolio, don’t hesitate to reach out for tailored, independent advice. We offer complimentary initial consultations for families with substantial property portfolios, ensuring we can make a meaningful impact on your long-term financial planning.

Read More:

What is the Tax Effect of a Capital-Protected Loan?

What are the key aspects to understand about partnership taxation?

How can you give to your children at Christmas in a tax-effective manner?

What are the key considerations and implications for a property developer looking to utilize the Margin Scheme under GST regulations?

Are SMSFs Better for Families in Business?

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[westcourtconsulting]

How Can One Contest a Land Tax Assessment from RevenueWA?

Contesting a Land Tax Assessment from RevenueWA can be a daunting task, but it's essential to ensure fair treatment and accuracy in taxation. If you find discrepancies or believe your assessment is incorrect, there are steps you can take to address the issue.

Firstly, review the assessment thoroughly to understand the basis for the tax calculation and identify any errors or misunderstandings. If you're unsure about certain aspects, consulting a Perth tax accountant with expertise in land tax matters can provide valuable insights.

Once you've identified potential issues, gather supporting documentation to substantiate your claims. This may include property ownership records, lease agreements, valuation reports, or any other relevant documents that could support your case.

Next, prepare a formal written objection to RevenueWA outlining the reasons why you believe the assessment is incorrect. Clearly state your grounds for contesting the assessment and provide all relevant evidence to support your arguments.

It's also advisable to seek professional assistance from a Perth tax accountant who can help navigate the objection process and provide expert advice on tax structuring strategies to minimize land tax liabilities in the future.

By taking these steps and seeking professional guidance, you can contest a Land Tax Assessment from RevenueWA effectively and ensure fair treatment in taxation matters.

[esb-prime-serve]

Revolutionizing Common Citizen Services with ESB Prime Serve: Your Digital Companion

https://esbprimeserve.com/

[religioused]

Should churches pay tax?

[retrogamingblog2]

[babylemonart]

Mistew Fewwow Honest pwease 👉👈

[canisalbus]

Vachete Suomi AU. Vesuri ja Vaski asuvat suuressa kylässä jossain sisämaassa kaukana suurista kaupungeista kuten Turusta. Kirkonkylän pappi, Vesuri, yrittää parhaansa mukaan vakuuttaa kyläläisiä kasvattamaan perunaa, koska se on satoisa ja ravitseva kasvi mutta kyläläiset eivät tahdo luopua nauriista. Vaski on kartanonvoudin poika ja yrittää pitää suhteita yllä kyläläisiin, että he olisivat suostuvaisia maksamaan veroja kuninkaalle eivätkä hyökkäisi hänen isänsä kimppuun.

Loose translation:

Finnish Vaschete AU.

Vesuri (a type of pruning knife/billhook) and Vaski (brass/copper/bronze) live in a big village somewhere inland, far away from the country's populous cities like Turku (Finland's oldest city and former capital located in the southwestern coast). The village priest, Vesuri, is trying his best to persuade the villagers to start farming potato, a high-yielding and nourishing crop, but people are reluctant to give up their turnips (one of Finland's most important staple foods up until 1800's when potato finally took over). Vaski is the son of a local lord of the manor (or maybe you'd call it bailiff? Or even jarl?) and is doing his best to get along with the villagers so that they would continue paying their taxes to the king and wouldn't turn against his dad.

[choccy-milky]

the other day, I saw a Sebastian plushie and thought 'wouw! Choccy-Milky is so popular, there's even plushies of her stuff!'..... and then I remembered Sebastian's an official character and not just Clora's boyfriend

LMFAOOOOOOOOOOO THIS IS SO FUNNY yes, good...my plan is working....

hogwarts legacy? what's that? are you feeling okay, anon? don't you mean Clora's Boyfriend™

[ridenwithbiden]

[loriache]

Notes on the World Map: Melini

I'm kind of annoyed the complete World Bible doesn't have a version of the World Map with Melini filled in... unless it does and I missed it, but I literally bought it and looked at the relevant pages for this post! Anyway, I think this is the closest we have. I'm looking at this and -- Kahka Brud literally doesn't have a coast anymore. No wonder they're pissed!! Any industry involving the sea, trade, fishing, etc. is basically impossible now - you'd have to get to the coastline on the west side of the continent. That's probably miles!

Speaking of miles... how big is Melini?

This is where I got... really unwell. So first off, let's assume the official Dunmeshi World Map is a Mercator projection. I think the stage cartography in the Dunmeshi universe is at, it's going to be most important that maps are useful for marine navigation. So we can't just drop an approximate scale onto the grid and leave it at that; we have to work out where the equator is.

The way I've done that is via two places that seem like they have a close(ish) real world equivalent - in terms of climate and culture - Utaya and the Island of Wa (Toshiro's home). The Island of Wa is obviously Japan, and I've seen plausible arguments that Utaya is probably a climate/location similar to Nepal.

So, here's the (approximate) location and latitude of those places on a Mercator map of Earth:

If we arbitarily superimpose the two maps, asssuming they're the same size, we can draw a theoretical equator line that puts the two places at the same latitude, though on a different side of the equator. Putting them on the same side as Earth made the equator really low. I feel like that's ... unlikely, so we're going with this.

That puts Melini at a rough latitude of .. ~55? which would, using the same scale as the previous map, make two squares (at that latitude) about 600 miles. Very roughly calculating the size as given on the map based on that, that gives a width of (approximately) 250 miles and a length of 400, coming in at a bit less than 100,000 miles² due to the shape. Probably it's between the sizes of the UK and Aotearoa.

That really helps me visualise what Laios is working with here when I think about post-canon. Though I reckon what I've done here is "Just enough research to really annoy an expert". Sorry if you're that expert. I really don't know much about cartography <3 It's like that xkcd comic:

On distances, as someone who lives in the UK; with a car, you can get almost anywhere in a day if you're prepared to drive until late. But they don't have cars, so getting from one end to the other would take multiple days of travel. It'd take about 7 days to walk the approx "length", 400~ miles (from the top of Scotland to Liverpool) (according to Google Maps) and 2 days cycling, so probably 3-5 days with horses, depending on how you pushed them. That'd vary a bit depending on terrain, of course.

[visenyaism]

idc if its not true my only conspiracy theory is George made Rhaenyra’s tax policy a plot point that contributed to a huge event like the dragons being killed so people would stop making fun of him for the Aragorn comment

and he was SO real for that. i’m a high school history teacher so i gotta recognize george rr martin’s brave brave role being a frontline soldier in the war on “what’s aragorn’s tax policy” because turns out tax policy is actually that important for real. if you raise taxes marginally too high at the wrong time the people will rise up and burn their own city to the ground before they pay thirty cents extra for a stamp

[westcourtconsulting]

Land Tax Planning in Perth:  Useful Tips and Tricks

Land tax is a critical yet frequently overlooked consideration for tax advisors in Perth. While most families prioritize these ‘big-ticket’ taxes when organizing their investments, the land tax remains a significant factor, especially as a family’s property portfolio expands. 

Know more: https://www.westcourt.com.au/useful-tips-and-tricks-for-land-tax-in-perth/

[horizon-verizon]

What do you think of George referring to Aegon and Helaena as "King Aegon" and "Queen Helaena" and Rhaenyra by her name in the new (now deleted) blog?

(Webpage Link)

And I said this in the comments of this post, but repeating myself: he's writing in the mood and "perspective" of the KLers who resented Rhaenyra and loved Helaena for the "sweetness" they felt Rhaenyra no longer had. I also wrote another independent post abt what sort of love the smallfolk had for Helaena HERE, which is very important for anyone to read BEFORE reading this post bc I'm not going to repeat myself. You also should probably read THIS POST that goes into how the Shepherd characterizes Helaena vs Rhaenyra.

A) The Actual Comments I Wrote:

[*EDIT: 9/8/24*] Adding/correcting, I was describing the free indirect style:

This is a literary style that allows the narrator’s voice to share with us the words, thoughts or feelings of the characters, without telling us that this is what they are doing. This means that the character’s thoughts or words slip into the third-person narrative, subtly shifting the perspective from that of the narrator to that of the character. It’s almost as though the narrator is the character for a moment, but they’re not – they’re still the narrator. Importantly, the speech or thought is not attributed to the character (for example with a ‘she thought’ or ‘he imagined’), so the reader must pick up on clues in the text to understand that these are the thoughts of the character, not the narrator.

[*END OF EDIT*]

And in response to what GRRM said that started this whole debate after someone else asked:

B) Jaehaerys, Rego Draz, and the Taxes/Executions (for context and comparison b/t smallfolk's reactions to taxes and executions):

I don't deny that the smallfolk loved her and GRRM was being sympathetic for Helaena when he wrote that post.

I am saying that:

He was writing, in that post, sympathetically bc Helaena was so from the smallfolk and Rhaenyra was reviled both here and at large by the narrative bc she was simply the more active party while being female; Helaena never actually ruled, she was always a consort and her person was more the accessory of Aegon or as a representation of "goodness", esp when the Shepherd contrasts Helaena's "purity" to Rhaenyra's "whorish" "evil", which further encourages the peasants to riot as they are already rioting

the smallfolk's sort of love for Helanea was not the sort that comes from just appreciating the person as is but as a contrast to the person they came to despise. And from that phenomenon, the smallfolk revealed another interesting phenomenon of how the actual people, the subjects themselves, can switch between diff "definitions" of queenship. Not kingship, QUEENSHIP, precisely bc gender, ethnicity, etc. did/does affect how the public will see a ruler's actions' effects on them.

The Shepherd and Helaena v Rhaenyra ("Rhaenyra Overthrown"):

When Jaehaerys strung up Rego Draz's murderers (Rhaenyra strung up those she had executed), it was during a time of "peacetime"/no war even as it was also a time of widespread fatal illness; he had no outside enemies who could invade at the same time, bc his mother and stepfather took care of that in a sorta-similar situation when he himself was still underage ("The Long Reign-Jaehaerys and Alysanne-Policy, Progeny, and Pain"):

Rego Draz, like Celtigar but much smarter about it, still also put taxes on common KLers after he and Jaehaerys did on luxury items (nobles) out of necessity. But the smallfolk of KL still took issue with Rego and not Jaehaerys both bc of said taxes AND bc Rego was a Essosi foreigner.

So yes, Jaehaerys did have to deal with a dying and ill populace and used an actually consummate master of coin...but those taxes still angered smallfolk enough towards violence & rape & looting ("The Long Reign - Jaehaerys and Alysanne - Policy, Progeny, and Pain"):

bc they were being taxed already through a gate tax BEFORE the Shivers came ("Birth, Death, and Betrayal Under Jaehaerys I"):

Were Rhaenyra's taxes very heavy, yes. Did she have much other option during a war where food was scarce and an invasion could happen at any moment AND the greens depleted the treasury she sought to quickly fill, no. Were there rumors PLUS the Shepherd's anti dragon, anti "bad" woman preachings incentivizing already resentful and starving people to riot against the woman ruling over them who they previously loved [evidence in the next section], yes. Did Jaehaerys really go through a similar situation, even with the Shivers being so terrible, no, bc he had more than Rego Draz, he had his own mother and stepfather basically pave the rulership-way for him before he came of age to become king for him and Rego to be able to implement the taxes as well as they did. The same Alyssa and Rogar who the KLers also took issue with for the taxes they made on them when they were trying to rebuild the Dragonpit ("A Surfeit of Rulers"):

Yes, Jaehaerys-Rego fixed this situation & learned from it--once again, neither ALyssa-Rogar-Edwell nor Jaehaerys-Rego had to contend with an ACTIVE war and a TOTALLY DEPLETED treasury nor the PREJUDICE AND HIGHER EXPECTATIONS against a female ruler. So....

C) Use of the Book to Show What I Mean abt GRRM's Use of the Smallfolk's Perspective and the Timeline/Transition of such b/t Before The Fall of King's Landing and After It

Before the Fall of King's Landing, & the taxes the KLers loved Rhaenyra as the "Realm's Delight" and such a moniker in the book connoted an image of pleasantness:

("Rhaenyra Triumphant")

("A Question of Succession")

("A Question of Succession")

("A Son for a Son")

("A Son for a Son")

Refer back to the very first pic/quote I give in this section. The moment Rhaenyra showed herself to be...not so "sweet" by the taxes during a time of fear of invasions/retaliations from the greens and their dragons, starvation, etc. bc...war (which she did bc the greens looted the royal treasury BEFORE she even landed & took KL but the smallfolk didn't know about that nor would they ever come to), and the previous image of her being charming, lovely, and innocently beautiful, innocently childlike transformed into her innate cruelty.

So yes, they resented Rhaenyra and many would not have wanted her as their Queen not just bc of taxes but bc the taxes were compounded by the...disillusionment(?) of that image/character of her through said taxation. thus the lack of "Queen" for Rhaenyra and "Queen" for Helaena and "Prince" for Maelor, both people who have no power, were very vulnerable to the actions of those around them, and nearly childlike or was an actual child whether in reality or in their imagination. At least under the greens--who Helaena is inevitably connected to--they weren't being taxed and Helaena has no real power herself to ever had affected the smallfolk's life so strongly.

This is what I think is being expressed through GRRM's writing in that particular blog post.

As for reactions to Aegon's coronation, we have Munkun saying the smallfolk were "most[ly] confused" by the announcement of Aegon's coronation and saying (some) Rhaenyra's name instead VS Munkun saying that there were many cheers when the actual coronation happened ("The Blacks and the Greens"):

[retrogamingblog2]

[sallymew4]

He's really come so far.

TerukiWeek 2024, Day Seven

Happy Birthday, Hanazawa!

Ah, what's that?

Oh.