LAND TAX ALERT

ALERT - LAND TAX

Land tax is payable on receipt of an assessment from Revenue NSW, which provides two options:

- Pay in full and receive 1.5% discount

- Pay over 3 instalments

If an instalment is not paid on time, the total amount owing becomes due and you may be charged additional interest.

Extended Payment Plans

Revenue NSW is now providing extended payment plans, where you can pay your land tax over an interest free 6 month period.

You can apply for this plan via the online services on the Revenue NSW website, as long as you have no overdue land tax amounts.

The payment plans can be setup with monthly or fortnightly payments. If an instalment is missed or a payment is late, the plan will be cancelled and interest may be applied.

Set up a payment plan

If you have overdue land tax, you can apply for a payment plan to extend your payment dates. However, these plans may include interest.

Late Payments

If you pay your land tax late and have not set up a payment plan or contacted Revenue NSW to make an arrangement, you will be charged interest at a premium rate on the balance owing plus additional interest at a market rate.

If you require any assistance with this, please do not hesitate to contact our office.

Important: Clients should not act solely on the basis of the material contained in this newsletter. Items herein are general comments only and do not constitute or convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of the areas. Client Alert is issued as a helpful guide to clients and for their private information. Therefore it should be regarded as confidential and not be made available to any person without our prior approval.