Australian property tax and expatriate tax expert STEVE DOUGLAS explains when land tax may be applicable to you and how to minimise the cost.

Q How do I determine if I need to pay land tax on my Australian property?

A In Australia the Federal Government is entitled to receive income tax and capital gains tax which is managed when you lodge your annual tax return. Under the Australian Constitution, state governments aren’t entitled to charge any taxation against income or capital receipts. However they are entitled to raise levies or duties on activity within their state.
    One of the major levies in each state is land tax. Many living in Australia are unfamiliar with land tax as it’s not charged on family homes but only on vacant land, rental property or commercial property. To qualify for family home exemption you must be physically living in the property on the date of determination – different for each state – and it’s difficult to achieve this if you’re overseas. Some states acknowledge the family home exemption even if you’re abroad but only if you’re not renting out the property while away. However, you’ll have to pay land tax as long as you own more than one rental property in the same state.
    Each state has a different land tax rate, usually based on the unimproved value of the land the property sits on in a similar calculation to the annual local council rates. There’s usually a tax free threshold on offer if you only have one property – in addition to your family home – where you’re under the tax level and not liable for land tax. This is an advantage if you own properties in different states as you get a new threshold for each state. In addition, the land tax on an apartment will be substantially less than that of a house as the unimproved land value is shared over the many owners and creates a lower individual value for tax purposes. Since land tax is calculated on the cumulative value of all the property you own in a particular state, the more property you own the higher your rate of land tax and the higher your cost. 
    The annual cost can vary from a few hundred dollars to several thousands, and each State Revenue Department is active in seeking out non payers and recouping any land tax arrears. If you think you may have a potential land tax liability, contact your property manager or the State Revenue office to confirm if you’re over the relevant threshold for your state – otherwise the penalties can be expensive! 
     Land tax isn’t a deterrent to purchase, just more of a nuisance. It can however become expensive if you have a substantial property portfolio in one state and needs to be considered when working out your cash flow on your rental property. Knowing land tax is due shouldn’t change your decision to invest as any well maintained house will grow in value to justify the additional cost. However, you should review your investment strategy to allow for multi-state property ownership and a sensible mix of houses and apartments to keep your taxable land value down.

Care for your child’s pearly whites with this advice from Dr Leslie Fitz of SMILEFOCUS.

A healthy set of primary teeth helps your child to speak clearly, chew naturally and also aids with creating a path for the arrival of permanent teeth. Teeth provide structure to the face and lips and create a beautiful smile. But decay can impact the healthy growth of secondary teeth resulting in long-term problems.

Dr Leslie Fitz
DDS (South Carolina)

Dr Leslie Fitz is a Paediatric Dentist from the US who has recently moved to Singapore from China, where she ran the Great Wall Marathon. With lots of energy and a calm and engaging personality, Dr Fitz offers optimal dental health treatments to children in a stress free environment.

On Thursday March 22 2012, The Shoppes at Marina Bay Sands hosted a VIP Fashion Night attended by a responsive crowd of celebrities, media personalities, entertainers, and models, business owners and guests including international and local shoppers. “A good night for a catwalk” was the title of the event which coincided with the media launch of Men’s Fashion Week 2012. During the evening The Finder had the opportunity to chat candidly about fashion in Singapore and across Asia with Jude Ow from Porsche Design and Anna Leong - Head of Marketing & PR Asia for the Porsche Design Group who keenly described the impressive selection of strikingly masculine Porsche Design Men’s Fashion Collection Spring/Summer 2012 on parade at the event. The night was a huge success and hat’s off to The Shoppes at Marina Bay Sands - The evening was sublime!  

Let’s face it, we love having the opportunity to shine. Whether it’s in the workplace impressing our peers, around the home with brilliant organisational and, possibly, untrained decorating or design skills, or competing in a regular social sporting event with friends or colleagues, chances are we all find ourselves in the limelight from time to time. When a child steps out of their comfort zone and takes those first little steps towards an unknown future, an innate mechanism is set in play – the will to achieve. So this month we turn the spotlight on you and ask you to lend a helping hand so we at The Finder can focus on achieving our goals and continue to excel.