Registration of land holdings with RevenueSA
With the changes to land tax that come into effect from midnight 30 June 2020, RevenueSA is verifying the information they have for your land holdings in South Australia. The recent changes also introduced new requirements about what information you need to provide RevenueSA in relation to your land holdings.
RevenueSA has started this process by sending letters to corporate land holders regarding the information they require about land they have identified that the company has an interest in. As per the letter, you are required to login to the ReveueSA Online portal to review and confirm your land holdings information that they have recorded is correct. We understand that corporate land holders have been sent the letters either as a single land holder (including as a trustee company) or as the head of a group of related corporations.
We are able to assist you with this registration process if you would like us to. Alternatively, you can work through the process yourself and let us know if you have any questions. Please see below for further details.
If the company is a trustee company, additional information needs to be provided to RevenueSA.
Confirming this information will ensure RevenueSA calculates your land tax correctly for your next Notice of Land Tax Assessment.
Holman Hodge to register your land holdings
Following is the process if you would like Holman Hodge to register your landholdings:
|Send us your letter(s) from RevenueSA|
|After we have reviewed the letters we will email you with any further information we require to complete the registration|
|Once we have completed the registration but prior to submitting it we will email you to confirm the details are correct|
|Confirmation by client to submit the application|
|Holman Hodge submits the application|
|Client is emailed a copy of the Land Holding Declaration|
Register your own land holdings
Once you log into the RevenueSA Online portal you will be asked to do the following:
- Confirm your land holdings
- Advise RevenueSA of land that is held in trust (that is in your ownership as the trustee)
- Upload evidence of the trust and land ownership (see below)
- Nominate beneficiaries (if nominating – refer below)
- Confirm your contact details
- Advise preferred billing method (email or post)
Evidence of the land ownership in the trust
Sufficient supporting evidence is required to satisfy the Commissioner of State Taxation (the “Commissioner”) that the land was acquired on behalf of the Trust or otherwise vested in the Trust. Evidence needs to be provided for each property and must clearly state the trust name and either the property address or certificate of title reference. This can be in the form of the following:
- a copy of the stamped Memorandum of Transfer document, showing that the consideration was paid by the Trust; or
- a copy of the completed and lodged Income Tax Return for the Trust, clearly showing the property as an asset of the Trust.
If neither of the above documents can be provided, the applicant will need to provide a minimum of two other types of evidence in order to satisfy the Commissioner.
The other types of evidence which may be considered include:
- a stamped Transfer document showing “with no survivorship” or “WNS”
- a copy of the Title showing “with no survivorship” or “WNS”
- a copy of the signed Minutes of Trust Meeting evidencing the purchase of the property on behalf of the Trust
- a copy of the Balance Sheet of the Trust showing the property as an asset of the Trust
- a copy of the Settlement Statement showing the purchaser as trustee for the Trust
- a copy of the signed Contract of Sale showing the purchaser as trustee for the Trust
Evidence of the trust
Where it is stated that the land holding is held in a trust, you must also attach, for each trust:
- a copy of the original executed Deed of Trust in its entirety; and
- a copy of each Deed of Variation, where there have been variations or amendments made to the original Deed of Trust since its execution
There is the ability to nominate beneficiaries of the trust. You have until 30 June 2021 to nominate a beneficiary of the trust so our advice at this point in time is to NOT nominate as yet unless the property is owned in a trust and is your principal place of residence.
For corporate land holders
For corporations, the registration process is much simpler.
Please note however, if you are the nominated group head (as per the letter you received), you can also:
- Nominate a different corporation to complete the review of the corporate group.
- Confirm that all related corporations have been included in the corporate group.
- Add any related corporations that have not been included.
- Advise where we have included corporations incorrectly.
It is important that all related companies are included and all land holdings are detailed in the registration process.
If you would like to discuss this further, please contact your Holman Hodge adviser.