On 28 November 2019, the Land Tax (Miscellaneous) Amendment Bill 2019 was passed.
The legislation will take effect from 1 July 2020 (i.e. land held at midnight on 30 June 2020).
If you only own a single parcel of taxable land or multiple parcels which are already aggregated, you could potentially benefit from the new lower rates and higher thresholds, particularly if the aggregated value of your land holding(s) is significant.
If you own multiple parcels of taxable land through different ownership structures and entities, then you will need to review your current land holding position as you could potentially have an increased annual land tax liability.
Nexia Edwards Marshall has been maintaining a close watch on the soon to be legislated changes and can assist review your position. We recommend you contact Grantley Stevens or your trusted Nexia Edwards Marshall adviser to discuss the potential impact on your circumstances and strategies to implement moving forward.
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.