If the sale of your property is scheduled to settle close to 30 June, there is a good chance for the settlement date to be extended (since 20 January 2022, either party to a standard residential REIQ contract may extend the settlement day by 5 business days without any repercussions).
If the settlement is extended from beyond 1 July, the seller will be liable to pay the land tax for the entire financial year ahead for the land he doesn’t own, calculated on the total land-holdings including that land they no longer own, and from 30 June 2023, - on the total value of the landholdings Australia-wide (that are not exempt).
At EKom Legal, we premeditate this and similar issues to avoid nasty surprises for our clients.
Give us a call today to discuss your unique situation.
