Planning Considerations for Land Tax Purposes Leading up to 30 June: Insights from Senior Associate Tom Walrut

In this edition of “It Depends,” senior associate Tom Walrut discusses important planning considerations for land tax purposes leading up to the 30th of June.

For individuals, it is crucial to assess if the property still qualifies for the home exemption and if there are any changes in usage by the deadline. Factors such as business use, number of lettings, and entitlement to concessions must be carefully reviewed.

For companies, strategies to spread land tax across multiple entities within the group and ensuring compliance with primary production exemptions are key considerations. Acquisitions, leases, and agreements must be up to date to maintain exemptions.

Trusts must pay attention to distributions and ensure they are made to individuals using the property as their home by the deadline. Avoiding distributions to companies or beneficiaries not meeting the home exemption criteria is essential.

For more information and personalized advice on land tax planning, individuals can contact Cooper Grace Ward Lawyers, a leading Australian law firm based in Brisbane. Remember, this publication is for information purposes only and should not be considered legal advice. It is recommended to seek advice tailored to your specific circumstances.