Land tax is a state-based tax, so it’s important to be clear on the rules before making any decisions.
Land tax on our holiday home has increased from $4,000 a year to $19,000 a year within two years. We are considering selling our home and moving down to our holiday home to eliminate this expense, as it is simply unaffordable for us. Will this work?
You need to consider the timing, however. If you sold your home with settlement on the 1st of January, you would be liable for land tax in the new year because on the 31st of December you still owned both properties. I am self-employed and will be turning 60 soon. We still have a mortgage on our home, and with the increase in interest rates I’d like to get that paid out. How much can I take out of super without shutting down my business?Superannuation savings can become accessible from age 60. However, you need to have ceased gainful employment. Where you are a self-employed business owner that would mean ceasing to trade. From age 65 onwards you have full access and can do as you please.
Non-binding instructions provide the super fund trustee with some discretion. They still must ensure that your savings go to an appropriate member of your family, and in almost all cases will follow what you have stated on your nomination form. However, there could be instances where it would be preferable for an alternative arrangement to be made.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sunak’s ‘spiteful’ sale of land intended for HS2 dashes hopes of revivalPrime minister’s move criticised as ‘salting the earth’ so Birmingham-Crewe line cannot be built
Read more »
Will a new land tax really mean the end of Melbourne’s vacant lots?Mark Lane has driven past a large empty lot next to a petrol station at 3 Whitehorse Road in Blackburn for more than 15 years, wondering when homes might appear.
Read more »
Land Rover rivals battle it out to be the royal family’s new carA contest for the King’s affections is being played out behind closed doors at Balmoral with two rival British car manufacturers knocking at his door.
Read more »
Land Rover rivals battle it out to be the royal family’s new carA contest for the King’s affections is being played out behind closed doors at Balmoral with two rival British car manufacturers knocking at his door.
Read more »
Land Rover rivals battle it out to be the royal family’s new carA contest for the King’s affections is being played out behind closed doors at Balmoral with two rival British car manufacturers knocking at his door.
Read more »
Hamas launches surprise air and land attack on Israel – in picturesitemprop=description content=Dramatic images show rockets being fired, residents fleeing and Israeli military vehicles being seized
Read more »