Land Tax - Notifying Revenue Offices

Lhavabeer on 26/02/2025 - 11:58
Last edited 26/02/2025 - 12:58 by 1 other user

Hi all, a couple years ago we purchased our first investment property.

Firstly, I know ignorance is not a defence. We relied heavily on broker, buyers agent and RE for advice but after contacting an accountant recently to do our return for LFY, she asked about land tax, we haven't paid any.

My understanding is we won't be liable for it currently as the assessed land value is below the threshold for it, correct? Should we have notified the revenue office regardless? Is there likely to be any penalty for the fact we failed to notify of it becoming a rental about 2 years late?

Or who should I contact to best have these questions answered?

TIA

• 

  MS Paint on 26/02/2025 - 12:18

  +2

  What state are you in?

  I won't accept denial as an answer.

  • 

    havabeer on 26/02/2025 - 12:31

    Property is in QLD.

    • 

      MS Paint on 26/02/2025 - 12:38

      +3

      If it worth less than $600k on your rates notice then you have nothing to worry about.

      Pretty much no one is exempt in Vic as the threshold is $50k.

      • 

        havabeer on 26/02/2025 - 12:51

        +2

        yeah it is, I guess I'll get registered anyway as I expect come next assessment (couple years away now) will take it over.

  • 

    jv on 26/02/2025 - 13:01

    +11

    What state are you in?

    Panic.

• 

  soan papdi on 26/02/2025 - 12:24

  +2

  Should we have notified the revenue office regardless

  They would already know. Register with your state's land tax management org (VIC has https://www.sro.vic.gov.au/land-tax) and you'll see it all online.

  • 

    MS Paint on 26/02/2025 - 12:43

    Yes. They already know about the property after paying stamp duty on purchase.

• 

  Dollar General on 26/02/2025 - 13:15

  +1

  If you owe it, they will contact you

  • 

    soan papdi on 26/02/2025 - 14:33

    +2

    One way, or another, I'm gonna find ya
    I'm gonna get ya, get ya, get ya, get ya

  • 

    djkelly69 on 26/02/2025 - 14:52

    +1

    In the ACT I have seen on a number of occasions that the Revenue office will not issue a land tax bill when they should/would have the info to tell them a property is liable, and then when it is sold and someone requests a land tax search, they suddenly have the info and hit you for X years back land tax plus interest plus 50-100% penalty tax.