At Gleeson & Partners we appreciate the individuality of people and businesses and are committed to providing solutions tailored to suit your particular situation. We work alongside you to solve problems that arise and help you reach your financial goals.
The team of focused, friendly accountants at Gleeson & Partners offers a wide range of expertise and experience in business, taxation, financial planning, and wealth creation.
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From 1 February 2024, people who purchase and occupy a property, but own less than 25% interest (either solely or combined), are not entitled to the principal place of residence exemption from the 2025 land tax year onwards.
Transitional provisions may apply until the 2026 land tax year for existing homeowners and those who purchased a property and claimed the exemption by 31 January 2024.
The transitional provision provides that, those who claim the principal place of residence exemption from land tax but own less than a 25% interest in the land may continue to claim the exemption for the 2024 and 2025 land tax years. The minimum 25% ownership requirement will then apply to these owners from the 2026 land tax year onwards. The principal place of residence exemption must be claimed by 31 January 2024 for the transitional provisions to apply.
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