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RECOVERY OF LAND TAX
Land tax may now be recovered from tenants given changes to the
Land Tax Act (1915).However, these changes will predominantly only impact tenants of
commercial and industrial properties as although the Land Tax Act
(1915) no longer prohibits passing on land tax, the Residential
Tenancies Act (1994) and the Retail Shop Leases Act (1994) still
prohibit the practice.
Early commentary of the legislation suggests the following conditions
are required to pass on land tax assessments:
-Landlords must enter a new lease agreement with the tenants
after the commencement of the new legislation.
- New lease agreements must include a clause specifically allowing
the recovery of land tax
- Land tax eligible for recovery must be assessed after the
commencement of the new legislation which was 22 June 2009.Our understanding is that current leases, despite including “future
tax” clauses, may still not be eligible to pass on land tax nor will
renewal options or assignments relating to an existing lease.
Congratulations to UHY Haines Norton client
Medimobile, for ranking 82 in the BRW 100 Fastest
Growing Start-Up Companies!If you have a good news story about
your business, we would love to hear about it!
Bean Thinking About Something Else?
Past Newsletters
Bean Thinking... Tips for businesses affected by the floods Bean Thinking... Budget 2010/11 Bean Thinking... Henry Review Bean Thinking... Sustainable Competitive Advantage Bean Thinking... 7 Deadly Wastes Bean Thinking... What-ifs Bean Thinking Tax... ATO Crackdown on Tax Debts! Bean Thinking Tax... R & D Tax Concessions Bean Thinking Tax... Recovery of Land Tax Bean Thinking Tax... Last Minute Tax Planning Tips Bean Thinking Super... Avoid Excess Super Contributions Bean Thinking Real Estate... Changes to Comission Structures Bean Thinking Real Estate... Benchmarks! Bean Thinking Real Estate... Purple Cows
Past Presentations
Bean Thinking Real Estate... Good, Bad & Ugly: Real Estate Business Bean Thinking Super... Super + Borrowing = ? Bean Thinking Super... Borrowing inside Super "How does it work?" Bean Thinking... Goals & Strategies for 2010/11 Bean Thinking... Tax Time for Unit Owners
UHY Haines Norton Brisbane
Level 11, 42-60 Albert Street
GPO Box 2876 Brisbane Qld 4000
P: 07 3210 5500
F: 07 3229 6174
E: brisbane@uhyhn.com.au
www.uhyhnbrisbane.com.au
UHY Haines Norton Gold Coast
Level 9, 1 Corporate Court
Bundall QLD 4217
P: 07 5510 4836
E: goldcoast@uhyhn.com.au
Liability limited by a scheme approved under Professional Standards Legislation.
