Key Risk Checklist: Tax issues

9 November, 2018
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This checklist contains the most common taxes and related charges and is not intended to be exhaustive. Ticking a box indicates who is responsible for considering the selected item. Both practitioner and client may be selected. A column has been included for initial comments. It is recommended that a memorandum be sent to the client after the checklist is completed setting out what was agreed. Also refer to the LPLC GST checklist here.

 

Duty

Item

Client

Practitioner

Comments

Estimate – transfer duty    $…………………..
Exemptions – eg, spouse
Concessions – eg, pensioner
First home owner grant – FHOG
Principal place
Land rich
Farmland
Growth areas infrastructure contribution – GAIC
Aggregation
Congestion levy
Lease duty – ie, right of first refusal
Self-managed superannuation fund issues
Request a private ruling
For more information go to www.sro.vic.gov.au
 

CGT

Item

Client

Practitioner

Comments

Estimate of amount payable $………………
 Withholding obligation
 Exemptions

  • Principal place
  • Pre 20 September 1985 assets
  • Rollover relief
 Long term contracts spanning multiple  financial years
 Deceased estate – payment by testator  and/or beneficiaries
 For more information go to LPLC CGT withholding obligation bulletins (x3)
 

 Land tax

Item Client Practitioner Comments
 Principal place exemption
 Dual principal place exemption
 Trust rate – lodge form 8 notice
 Foreign owner rate (absentee owner)
Vacant residential land
 Special land tax – a one off payment  where an exemption ceases to apply
 Other exemptions – eg retirement  villages

 

 

 Administrative matters

 Item Client Practitioner Comments
 ABN application
 TFN application
 Lost superannuation

 

 

 Lodging fees

 Item Client Practitioner Comments
 Lodging fee  – Estimate $………………

 For more information go to: http://www.delwp.vic.gov.au/property-and-land-titles/forms,-guides-and-fees/fees

Note – Land Registry lodging fees are subject to annual increases by the Victorian government from 1 July each year.

 

 

Subdivisions

Item

Client

Practitioner

Comments

Public open space

Planning / development levy

 

Other Charges

Item

Client

Practitioner

Comments

Local council rates

Local council cladding rectification agreement

 Water rates

Owners corporation

Estate agents commission / fees
Fire services property levy
Insurance

 

Completed by
Title Date
Signature

 

Title Date
Signature