Welden & Coluccio Lawyers recently wrote about the letter received by many South Australians from Revenue SA indicating that certain information and declarations as to land holdings was required to be to completed in early June via its online portal.
Many of our clients have indicated to us that;
- They have not yet received any letters;
- When querying those letters to Revenue SA they could not get through by telephone; and
- When attempting to complete their declarations by the due date were confronted with some very onerous steps, many of which they did not understand.
You may have heard that the timeline for making these declarations has been extended to 31 July 2020. The pressure is off right?
It is the view of Welden & Coluccio Lawyers that although the deadline to submit your landholding declarations has been extended to the end of July, the Land Tax legislation that has been enacted still requires certain steps to be taken prior to 30 June.
If possible, we are urge our clients to make the landholding declarations prior to 30 June 2020.
Welden & Coluccio Lawyers’ strongly advise that all landowners seek assistance from their accountant or solicitor with respect to the landholding declarations – in almost all of the cases were we have assisted there have been errors in the original purchase/transfer documents and registration, difficulties in supplying the required documentary evidence and most importantly opportunities to reduce potential Land Tax have been recognized.
When completing the landholding declarations through the online portal you must have some of the following documents at the ready;
- Trust deeds and all variations and amendments to those deeds;
- Copies of the original Transfer (purchase) of the property;
- Settlement Statements for the purchase;
- Tax returns for the entity holding the land;
- Financial Statements confirming the land as an asset; and
- Relevant Beneficiary Nominations which may lower a Land Tax assessment.
There are other documents that may be required depending on the specific circumstances. This may include a statutory declaration if, we assume, many of the above documents cannot be located. Welden & Coluccio Lawyers can assist with the preparation and swearing of that declaration.
Welden & Coluccio Lawyers are also able to assist clients in retrieving some critical documents which may be unavailable such as the original transfer (purchase) of the property.
We strongly advise that you:
- Be prepared, have all the necessary documentation ready in advance;
- Seek assistance from your accountant or solicitor as soon as possible (don’t leave it to the last minute);
- Complete the landholding declaration prior to 30 June 2020.
Our lawyers are readily available to speak to by telephone, video link or even face to face with appropriate social distancing and hygiene measures in place.
Don’t leave it too late, act now.