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South Australia was the first Australian state to introduce a land tax, based on the unimproved capital value of land, in 1884. [6] [7] In 1910, George Allen (first secretary to the Treasury) founded the Land Tax Office to service land taxes at the federal level as a form of wealth tax and as a means to break up large tracts of underutilised land.
A property investor can utilise calculations such as the Land-to-Asset Ratio. The land-to-asset ratio is a real estate valuation measure that compares the value of the land on which a property stands to the total value of the property - including the land, buildings, and any improvements.
Property Law Act 1958 [10] Sale of Land Act 1962 [11] Australian Capital Territory: Civil Law (Property) Act 2006 [12] Civil Law (Sale of Residential Property) Act 2003 [13] Queensland: Property Law Act 1974 [14] Land Titles Act 1994 [15] Northern Territory: Law of Property Act [16] Land Title Act [17] South Australia: Law of Property Act 1936 [18]
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The Western Australian Land Information Authority operates under the business name of Landgate. [2]Formerly known as the Department of Land Information (DLI), the Department of Land Administration (DOLA) and the Department of Lands and Surveys (DOLS), it is the statutory authority responsible for property and land information in Western Australia.
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Initial land sales were made as a prerequisite to the founding of the colony, with "preliminary land orders" being made to a total value of £35,000 prior to the 1837 settlement. A preliminary land order entitled the buyer to a 1-acre (4,000 m 2 ) town block and an 80-acre (32 ha) section of rural land which was to be chosen by the individual ...
1999: Property sale proceeds subject to Capital Gains Tax reduced from 100 to 50 per cent (for property held at least one year), while 100 per cent of costs remained deductible. 2000: July - The Federal government introduces the First Home Owners Grant of $7,000 for established homes, and $14,000 for newly built homes.