Brace yourself - VIC land tax set for dramatic changes
I share the two critical changes to land tax that will affect you. Plus how to prepare before reforms come on January 1 2024.
Need help understanding how this affects you click below.
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VIDEO TRANSCRIPT
Ross Millen:
Ross Millen:
Hi. Well, spring has certainly sprung. It's sunny, it's getting warmer. Who would believe it's Melbourne and there's football finals? But spring is also a good time to do spring-cleaning. And by spring-cleaning, I mean a legal spring-cleaning. I had a client the other day came in and said, "I've got several properties. They're all in the name of this company. Can you just check the address?" And when we did a title search of them all, we found out that some of the properties were in fact in another company name. And I said, "No, your properties are in this company and this company, and even a third company." He was amazed. He said, "I always thought they were in this." So a bit of spring-cleaning can make sure that everything is as you expect.
We had another client who said, "I'm going to give some of my employees shares in the business. I currently own 100 shares, and I'm going to give them five and five and five." So we did a company search. Well, there's 120 shares and they're held by him, his wife, the two of them jointly, a family trust company. So he had it completely wrong about what the share ownership was in his own company. So if you get us to do a spring-clean for you, we can search your titles, we can search your companies, and we can make sure all of the information, all of the addresses, everything is correct.
So remember, if you want to spring-clean your business, contact me, Ross Millen, or anyone else at Millens, because we're here to help you. Thanks.
