Do I Have To Register For Land Tax? - AFP Accounting

Do I Have To Register For Land Tax?

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Are you a landowner in New South Wales, grappling with the recent shifts in land tax regulations and wondering about your compliance obligations?

In NSW, land tax is an annual levy imposed on properties that exceed the land tax threshold by the end of the calendar year. With Revenue NSW initiating the issuance of the 2024 Land Tax Notice of Assessment from 3 January 2024, it’s crucial to stay informed and prepared.

In this article, we break down the recent changes in NSW land tax regulations. We’ll address the pivotal question on every landowner’s mind: “Do I have to register for land tax?” and we’ll provide you with a comprehensive guide on the necessary steps to register.

Overview of Changes to NSW Land Tax:

In recent years, the NSW government has implemented changes to the land tax system to ensure fairness and improve revenue collection.

Some key changes include adjustments to the land tax thresholds and determining whether a landowner is liable to pay tax.

1. Increased Thresholds: One notable change is the increase in the land tax threshold. The threshold is the value at which landowners become liable to pay land tax. With the adjustments, more landowners may be exempt from paying land tax.

2. Surcharge on Foreign Investors: Foreign investors who own residential property in NSW are now subject to an additional land tax surcharge. This surcharge encourages foreign investors to contribute to the local economy.

Do I Have to Register?

The answer to this question depends on the value of your land. If the total taxable value of all your landholdings exceeds the land tax threshold, you must register for land tax. The threshold is subject to change, so staying informed about the current regulations is essential.

The current notices being dispatched are for the 2024 land tax year with a tax threshold of $1,075,000.

For NSW land owners, once registered, you will receive your Land Tax Assessment, outlining what land you own and whether you are liable for land tax on each property.

Property owners must own an interest of 25% or more to claim the principal place of residence land tax exemption.

If you are a land owner in NSW and exceed the land tax threshold for the first time by 31 December in a given year, you will have until 31 March, three months later, to register.

How to Register for Land Tax:

If your landholdings surpass the land tax threshold, follow these steps to register for land tax:

1. Obtain your Notice of Valuation:

The NSW Valuer General provides an annual land value assessment for each property. You will need this valuation to calculate the total taxable value of your landholdings.

2. Calculate Total Taxable Value:

Add up the land values of all your taxable landholdings. You must register for land tax if the total exceeds the current land tax threshold.

3. Access the NSW Revenue Online Services:

Visit the NSW Revenue website and create an account or log in if you already have one.

4. Complete the Registration Form:

Navigate to the land tax section and complete the registration form. Provide accurate information about your landholdings, including the total taxable value.

5. Submit Supporting Documents:

Attach any required documents, such as your Notice of Valuation, to support your registration.

6. Submit and Pay:

Once you have completed the form and attached the necessary documents, submit your registration. Pay the land tax amount owed within the specified timeframe to avoid penalties.

A Guide to Land Tax in New South Wales for Responsible Land Owners

Understanding your responsibilities as a landowner in NSW regarding land tax compliance is essential for financial planning and avoiding penalties.

Stay informed about changes in land tax regulations, and if your landholdings exceed the threshold, follow the outlined steps to register for land tax.

By complying with the tax requirements, you contribute to the state’s revenue and help maintain a fair and equitable system for all landowners in New South Wales.

If you require any assistance in ensuring land tax compliance, please contact us by emailing enquiries@afpaccounting.com.au or call (02) 7804 1849.

If you’re not actively managing your loan, chances are you’re paying more than you need to — and missing out on savings of $50 a week or more.

Whether it’s a mortgage, personal loan, or asset finance, small tweaks can unlock big savings. At AFP Finance & Loans, we’ve helped clients reduce repayments by over $2,600 a year — without changing their lifestyle or taking on more risk.

This article breaks down practical, proven ways to help you save around $50 each week on your repayments — and why working with a broker enables you to reach your goal of paying off your loan more easily.

1. Lower Your Rate

One of the simplest ways to save $50 a week is by securing a better interest rate. According to findings by PEXA, homeowners who refinanced to a new lender saved an average of $1,908 per year (nearly $37 per week) compared to just $384 annually for those who stayed with their original lender.

The kicker? Existing customers often pay 0.21% more than new customers. That small difference could mean an extra $70 each month on a $526k mortgage.

Refinancing through a trusted broker at AFP Finance & Loans ensures you’re not just accepting the status quo. We compare lenders, negotiate better terms, and help you avoid hidden costs.  

Tip: If your rate drops, keep repayments the same to pay off your loan faster and save more in interest.

2. Switch to Weekly or Fortnightly Payments

Most people don’t realise they can make an extra month’s repayment each year just by switching from monthly to fortnightly payments.

If your lender calculates interest daily, this simple change can cut years off your loan and save thousands in interest.

While more frequent payments may not free up the whole $50 immediately, the compound savings are significant over time.

3. Use an Offset Account

Do you have savings sitting in a separate account? You could be missing an opportunity to save $50 each week in interest.   

An offset account is a type of bank account linked to your loan. The balance in this account is used to offset the principal (the amount you still owe) — meaning the interest you pay is calculated on a reduced balance.

An offset account allows your money to shrink your loan amount, without locking your savings away. Funds remain fully accessible — but while they sit in the account, they’re actively working to lower the interest you pay (without any extra repayments).

For example, keeping $50,000 in offset on a 6% loan saves about $3,000 a year — or $57 a week — making every dollar work harder for you.

4. Cut Hidden and Ongoing Fees

Fees can quietly erode your savings. Annual package fees can range from $300 to $400, and monthly service fees still exist on many products.

By switching to a low-fee alternative or refinancing smartly, you could reduce your outgoings by $10–$15 a week. We review fee structures and recommend lenders who offer genuine value — not just teaser rates.

Why Work with a Broker?

From refinancing and rate shopping to offset structuring and fee analysis, you will be supported from start to settlement with AFP Finance and Loans. We’ll act on your behalf, comparing options and securing better terms.

With access to over 50 lenders on our accredited panel, AFP Finance & Loans assists clients with residential loans, commercial loans, personal loans, investment finance,  and more. We do the heavy lifting so you can focus on what matters to you.

How to Start Saving $50 a Week, Today

You came here to save $50 a week on your loan, and by now you should see it’s easier than it sounds.

Many people overpay without realising. However, with better advice and a few simple adjustments, you can lower costs, improve cash flow, and stay on track financially.

The next step? Get expert eyes on your current agreement. AFP Finance & Loans can help you reduce repayments, avoid fees, and structure your loan repayments to serve your goals.

Book your loan review today to put $50 a week back where it belongs: in your pocket.

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