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Article: Back tax on land catches investors.(New South Wales)(Brief Article)
- Article from:
- Australasian Business Intelligence
- Article date:
- March 28, 2005
- Author:
CopyrightCOPYRIGHT 2005 News provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Mar 28, 2005 (The Sydney Morning Herald - ABIX via COMTEX)
The New South Wales Government expects to reap $A47.5 million from back taxes owed by property investors. As well as having to pay land tax for the first time, many property investors are also being charged back taxes. The problem has arisen because council valuations are not as up-to-date as those done each year by the Office of State Revenue. Those investors now liable for land tax who previously relied on council rate notices to assess the value of their properties are being charged the difference.
Publication Date: 29 March 2005
NEW SOUTH WALES. OFFICE ...