As you may be aware, on 28 November 2019 the SA State Government introduced amendments to the way land tax is imposed on properties held in South Australia effective 1 July 2020.
As a result, RevenueSA requires all land owners to report their land holdings in SA. This includes assessable land, and may also include land which is ordinarily exempt from land tax such as ‘main residences’ and land used for ‘primary production’.
If you haven’t already received a letter from Revenue SA, you may in due course.
There are some complicated facets of this reporting process in particular if you have multiple land holding entities, related corporations or land held on trust.
For land held on trust, the critical decision is whether to make a beneficiary nomination or not. This decision should be made and reported asap, particularly if any restructuring is required.
If you are unsure about your reporting obligations, we encourage you to contact your Nexia Edwards Marshall advisor or our State Taxes expert George Papanicolaou to discuss your individual circumstances as soon as practical.
The material contained in this publication is for general information purposes only and does not constitute professional advice or recommendation from Nexia Edwards Marshall. Regarding any situation or circumstance, specific professional advice should be sought on any particular matter by contacting your Nexia Edwards Marshall Adviser.