A Canberra couple has been hit with a full year’s land tax after an ordinary residential sell-and-buy which happened to span the new financial year. Patricia and Tony Tart wanted to upgrade from their house in Fisher to a house in Waramanga.
They put their Fisher house on the market in April. In May they found the house they wanted in Waramanga before the Fisher house was sold, so they bought it using bridging finance pending the sale of the Fisher house.
They then sold the Fisher house, with settlement expected on June 30. Alas, through no fault of theirs, settlement was delayed until July 7. It was empty up to that time.
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