If you own real estate in South Australia, you need to be worried. Very worried.

Especially if you’re an investor with more than one property.

Under sweeping reforms by the Marshall Liberal Government, land tax in South Australia is being turned upside-down.

In the past, land tax was pretty simple; If you owned property in your name, you were taxed accordingly. You could separate those land holdings in different entities, trusts and other legitimate, lawful structures usually suggested for asset protection and good accounting practices.

Now, the entire game is set to change.

It all comes down to changing how trusts and companies are dealt with and something called aggregation.

It’s one big cash grab, and it’s set to send thousands of South Australians’ retirement and estate plans into the gutter.

Calculations we have conducted for clients (retired, hard-working people with modest investments) show some being slugged as much as 4000% more from July 1, 2020.

One couple is now set to pay $13,000 in land tax later this year alone, up from $1,100 last year. That new payment will occur each and every year, not a once off! It doesn’t take a genius to work out this more than offsets any value gained from rental income.

Land tax is a time bomb, and most people won’t find out about it until they open their tax bill in late 2020.

If you own an investment property, or hold property in a Trust, you need to speak to Welden & Coluccio Lawyers immediately.

Places are strictly limited. You must act now to have your best chance of beating the changes before you’re locked in for life.

Call us on 08 7225 8703 to make an appointment.