Land Tax Instalments
Over the past two weeks the Victorian State Revenue Office (SRO) has commenced issuing the 2019 Land Tax Assessment Notices. No doubt the hefty increase from last year's assessments was noted by all.
What you may not be aware of, is the new payment instalment system. Landholders are now required to register online with the SRO if you would like to make payments using the instalment method. This is not initially very clear on the notices received.
To register, landholders need to access the following web link https://www.sro.vic.gov.au/autopay. You will need a copy of your 2019 Land Tax Assessment Notice and your bank account/debit or credit card details. The only way to register for the instalment method is to setup a Direct Debit arrangement.
It is important to note that you need to be registered by the date indicated on the right hand side of the assessment. If the online registration is not set up by this date, our understanding is that the SRO will demand the full annual assessment amount by the due date being mid-2019.
It is also important to note:
The first instalment is due immediately on the day after you have set up the online account with the SRO. Please make sure you are aware of this before registering to ensure that you have sufficient funds available.
The SRO will not accept cheques on the quarterly instalments. Instalment payments can only be made by Direct Debit using bank details, a debit card or a credit card (debit and credit cards will incur a transaction fee).
If you are happy to pay the full annual assessment in mid-2019, you can still make this payment via cheque or any of the other methods mentioned above.
Instalments can now also be made monthly or fortnightly. You can set up this option when you register for your online account.
Oxygen Private Clients encourages all clients to review their 2019 Land Tax Assessment Notices and to ensure they are fully aware of their responsibilities to make payments. Please contact Oxygen Private Clients at 03 9977 2600 if you have any questions or would like us to assist you with setting up your instalment arrangements.
DISCLAIMER: The information contained in or referred to in this Blog Post is general in nature, subject to change, and should not be taken as advice for your individual or your group's circumstances. It is for information only and does not take into account any person or group's specific circumstances, objectives, financial situation or requirements. It does not constitute taxation, legal or financial advice. Oxygen Private Clients recommends you seek specific professional advice before making any decision or taking any action.