Land tax changes – threshold
Land tax changes apply from midnight 30 June 2020. There will be an increase in the general land tax threshold to $450,000 and a threshold of $25,000 will be introduced for trust ownership.
Current land tax rates and thresholds are available on the RevenueSA Rates and Thresholds page.
Land tax changes – joint owners
From the 2020-21 financial year, changes apply to how land tax is assessed for owners who own land in multiple ownership.
Pursuant to s 9(4) of the Land Tax Act 1936, joint owners of land will receive a land tax assessment for the jointly owned land where the value of that land is above the taxable threshold.
Pursuant to s 9(6), if an owner of jointly owned land also owns, or is deemed to own, other parcels of land in their own right, they may receive a separate assessment for their total landholdings which will include their share of the jointly owned land. The share of jointly owned land will also be combined with the site values of any land owned as an individual to calculate land tax payable.
A deduction will be applied to the individual assessment, which relates to the proportion of land tax assessed for the share in the joint ownership.
For further information, see the RevenueSA Owning land in multiple ownerships page.
The By Lawyers Conveyancing (SA) Publication has been updated accordingly.