There is a lot of misinformation and confusion about the Land Tax.
This is copied from a letter sent by Rob Lucas, Treasurer, on the 16th of December 2019 which hopefully highlights a few points for clarification purposes.
Land Tax (Miscellaneous) Amendment Act 2019
The Act includes a package of reforms developed by the State Government to make our land tax system more competitive. A more competitive land tax system will help build our economy, create more jobs and encourage greater investment in South Australia.
Key Points:
- 92% of individuals and 75% of company groups will pay less land tax.
- Land tax is based on site value of the land, which does not include buildings or other improvements to the land.
- A person’s principal place of residence and land that is used for primary production is not subject to land tax.
If the total site value of all the taxable land you own is below the tax-free threshold ($450,000 in 2020-21) you will not be impacted by the new rules.
More information can be found by calling RevenueSA 8226 3750 or emailing landtax@sa.gov.au