An individual can claim an exemption from land tax on a property if it is their principal place of residence (the exemption does not apply to land owned by a company or held in a Special Trust).
The general requirements for the exemption include:
- You can only claim one exemption per family.
- You can only claim one principal place of residence worldwide.
- You must have continuously occupied the property only for residential purposes.
An additional requirement has been enacted for property purchases after 1 February 2024, whereby owners can only claim the exemption if they have a 25% or greater share of the property. Property owners who hold less than 25% interest, who have been claiming the exemption prior to 1 February, may continue to do so, only for the 2024 and 2025 years under transitional provisions.
If you have any queries about property law, please contact us on (02) 9908 9888 for advice.