SA Land Tax - Self-Managed Option

Your guide to submitting the Information Disclosure yourself

From 30 June 2020, the South Australian land tax regime will undergo substantial changes.  These changes may have a significant impact on the amount of land tax payable and, in some instances, the amount of land tax payable can be reduced by taking action now.

As the first step in this process, RevenueSA is verifying the information they have for South Australian land holdings. The recent changes also introduced new requirements about what information you need to provide RevenueSA in relation to your land holdings.

This page explains the process that you can expect if submitting the Information Disclosure yourself. It is worth noting that many people are experiencing lengthy delays with the Portal.

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The Process

What to expect if you want to complete the Information Disclosure yourself.

 

RevenueSA is requesting the following action via the Land Tax Portal:

    • Identify all your landholdings and indicate where landholdings have been incorrectly allocated to you
    • Identify if you hold any landholdings on trust and upload evidence that the land was acquired on trust (further below)
    • Where desired, nominate trust beneficiaries (further below)
    • Update your contact details
    • Advise of your preferred billing method (email or post)

 

 

Evidence for Trusts

In notifying RevenueSA that land is held in trust, you must provide evidence that the trust exists and that the land was acquired on behalf of the trust.  To show the trust exists, you must provide a copy of the executed trust deed and any amending deeds.

 
Required Evidence (for each parcel of land):

To show that the relevant land was acquired on behalf of the trust, RevenueSA will accept any of the following forms of evidence:

    • a copy of the stamped Memorandum of Transfer document, showing that the consideration was paid by the Trust; or
    • a copy of the completed and lodged Income Tax Return for the Trust, clearly showing the land as an asset of the Trust.

 

Alternative Evidence (for each parcel of land):

If the above documents cannot be provided, RevenueSA will accept a minimum of two of the following documents:

    • A stamped Transfer document showing “with no survivorship” or “WNS”
    • A copy of the Title showing “with no survivorship” or “WNS”
    • A copy of the signed Minutes of Trust Meeting evidencing the purchase of the land on behalf of the Trust
    • A copy of the Balance Sheet of the Trust showing the land as an asset of the Trust
    • A copy of the Settlement Statement showing the purchaser as trustee for the Trust
    • A copy of the signed Contract of Sale showing the purchaser as trustee for the Trust
    • Evidence of the trust

 

Trust Beneficiary Nominations

The trust surcharge imposed on trust held land can be avoided by nominating the beneficiary(ies) of the trust as the land tax owner(s) of the land.  In short, the trust will still be assessed on the land but at standard rates and the value of the land will flow through to the beneficiary(ies) and again be taxed (with a deduction for the tax paid by the trust).

Care must be taken in making beneficiary nominations as there can be unexpected land tax repercussions when the nominated beneficiary owns land, is a further trust, or is a related company.  Beneficiary nominations also work differently for discretionary trusts as opposed to fixed/units trusts.

We would advise contacting Perks via the form below  if you are unsure as to the full ramifications of making a trust nomination.


 

Company Landowners

Company landowners, where the land is not held in trust, must also disclose whether they are related to other companies (whether the other companies own or do not own land).  Specifically, company landowners must:

    • Either complete the information disclosure or nominate a different corporation to complete the review of the corporate group.
    • Confirm that all related corporations have been included in the corporate group.
    • Add any related corporations that have not been included.
    • Advise where RevenueSA have included corporations incorrectly.

If you have any questions regarding the above, please do not hesitate to contact your Perks Adviser or fill out the form below


 

Land Tax Enquiry Form

Unsure about doing it yourself or have query? Get a Perks Adviser to answer your questions.

Personal Details




 

The RevenueSA 2019-20 Land Tax Calculator is available HERE

 

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Your Key Contact for SA Land Tax

Tax Consulting

Neil Oakes

Neil Oakes

Providing tax consulting advice to small, medium and large enterprises, with specific focus in the aged-care and property industries.

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