Subjects finance

Land Transfer

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Land Transfer


1. **State the problem:** Calculate the land transfer tax for each given property value. 2. **Formula and rules:** Land transfer tax is typically calculated as a percentage of the property price. If GST (Goods and Services Tax) or GAT (General Activity Tax) is included, calculate the tax on the total amount including GST/GAT. 3. **Calculations:** a) For $250,000, assuming a flat rate or no additional tax specified, land transfer = $250,000. b) For $190,000, land transfer = $190,000. c) For $155,000, land transfer = $155,000. d) For $750,000, land transfer = $750,000. e) For $140,000, land transfer = $140,000. f) For $329,000 plus GAT 5%, total price = $329,000 + 0.05 \times 329,000 = $329,000 + $16,450 = $345,450. Land transfer = $345,450. g) For $189,000 plus GST 5%, total price = $189,000 + 0.05 \times 189,000 = $189,000 + $9,450 = $198,450. Land transfer = $198,450. h) For $320,200, land transfer = $320,200. 4. **Summary:** - a) $250,000 - b) $190,000 - c) $155,000 - d) $750,000 - e) $140,000 - f) $345,450 - g) $198,450 - h) $320,200 Each land transfer amount is the property price plus any applicable GST or GAT tax calculated as 5% of the base price.