Local business services and advisory firm Bentleys SA has been working to help South Australians manage the proposed legislation through a series of new initiatives.

“There has been a lot of questions from those affected by this legislation, particularly around the optimal holding structures and how the grouping provisions operate, and so we have been working to help businesses understand the changes over the last few months,” says Bentleys SA Tax Partner Simon How.

Simon How, Partner, Taxation Bentleys SA

“At Bentleys SA, one of our specialties is tax and so we’ve been breaking down the land tax changes for the everyday South Australian and working through what those impacts will look like. One of the key things that people need to understand about this legislation is that not all property holding structures are treated the same, and it can impact each property owner differently.

“Unfortunately, there is no one-size-fits-all solution for managing the changes, so we have been working closely with individual clients to help navigate this, thinking ahead for them to ensure they are set up for success.

“Generally speaking, we’ve found that there is some misinformation out there which is generating a lot of panic around the potential cash impact on a property portfolio, especially given the current state revaluation process.”

How says businesses most likely to be most affected are those that have multiple low-value holdings (less than $450,000) held in trusts, those with multiple direct holdings which are not currently aggregated, and company groups.

“These groups may currently pay no land tax. The potential tax per $450k property could be anything from nil to $10k per annum,” says How.

In the face of these changes, Managing Partner of Bentleys SA Michael Ruggiero says that getting the right information and adapting your business plans accordingly is key.

“The land tax changes have been complicated and confusing for people to wrap their heads around, but it is important that those affected are correctly informed about the changes, and understand how this will affect them, in order to adapt their strategies appropriately,” says Ruggiero.

“Simon’s team gives high-level expert advice on a relatable and understandable level and have been able to run workshops and sessions that help our clients to determine exactly how they will be affected.

Michael Ruggiero, Managing Partner, Bentleys SA

“We have been providing expert solutions for individuals and enterprises at every stage of the business lifecycle for the last 40 years, so we are able to draw on a wealth of experience as well as the latest human intelligence to help businesses navigate problems such as the land tax reforms.”

Independently owned and operated out of South Australia for the past 40 years, the accomplished specialist team at Bentleys SA is committed to helping ambitious people and enterprises achieve their goals and aspirations to get where they want to be through strategic growth.

“We are here for South Australian businesses, helping them to get where they want to be and navigate the business problems of today and tomorrow,” says Ruggiero.

You can visit Bentleys SA at Level 5, 63 Pirie Street or head to Bentleys SA to find out more.