We may have to pay land tax if we own property. If your home is the only property you own for living, you will not pay land tax because it is exempt. For example, in Victorian, we need to pay land tax if the total taxable value of all the Victorian land we own, individually or jointly, as at 31 December, is equal to or exceeds $250,000 for general land tax rates. For land tax surcharge rates, the threshold is $25,000.
The rate of tax we pay depends on the total taxable value of all our taxable land. We calculated the land tax for property A and Property B based on holding under different personal names or business structures or holding together under one personal name or one business structure.
Claire Chang