Land Tax - VIC
If you own property (other than your principal place of residence), you may have to pay land tax. If the value of your taxable property in 2018 in Victoria (other than your PPOR) exceeds $250,000 (or $25,000 for trusts), you are likely liable. Although this should be picked up when you buy investment properties or your ppor becomes an investment property (you must notify the State Revenue Office) it seems some are slipping through the cracks as I'm not seeing a lot of land tax assessments when doing tax returns. The SRO will catch up with you, so get on the front foot and make sure you are being assessed correctly. This is not a role the tax accountant is responsible for - but I strongly urge you to ensure you are being compliant. Visit www.sro.vic.gov.au/compliance#land-tax for further info.