The short answer is it depends on the value of the unimproved value of your land. If the unimproved value of your land is over the Land Tax threshold which is $1,075,000.00 for 2024 then you will need to register to avoid being hit with a land tax bill.
In order to register you need to log into your MyServiceNSW account and update your Land Tax details (i.e. register the property for Land Tax and mark it as your Principal Place of Residence to obtain the exemption).
If you are buying or selling a property it is crucial that you log on and update your details to ensure your current status is noted.
If you purchase property on or after 1 February 2024 you will need to ensure that at least one of the owners claiming the Principal Place of Residence exemption must own at least 25% of the property. If you purchase a property after this date and none of the owners that live there own a minimum of 25% of the property then Land Tax will be assessed and payable.
If you or someone you know has concerns regarding their land tax liability give us a call today on 02 4627 3333 or contact their accountant.
This article was published on 30/01/24 and the information is valid only to the date of publishing. This article should be considered merely general and non-specific on the subject matter and is not and should not be considered or relied on as legal, advice. Meehans Solicitors is not responsible in the event this information is relied upon by the reader in the absence of specific legal advice.