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A Few Tax Tips To Remember

By Jamil Allouche

When purchasing a property in Brunswick it's important to remember that you won't just be incurring the cost of the home.

There are also additional taxes you may have to pay, such as state and federal taxes and levies.

One of these is the land transfer duty, also known as stamp duty. This is a one-off tax charged to you when you buy a property.

You may also incur a land tax, which is an annual liability charge depending on the use and value of your property. Not everyone has to pay this.

There is also a Fire Services Property Levy (FSPL), which is a yearly charge collected by councils as part of the rates assessment.

Sometimes you can be exempt or given a concession from these charges, such as if you are a first home buyer.

It's important that before you buy real estate, you realise there can be more costs involved than what you might first think.

It can be a great help to work with a real estate agent, who can advise you on charges you may incur and help you work through what kind of home is most financially viable for your situation.

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