How are rates and taxes adjusted at settlement?

All local authority rates, Water Corporation rates, strata levies and land tax (outgoings) for the current year will be apportioned between the buyer and seller with the effect that:

the seller pays the outgoings up to and including the settlement date or possession date (whichever is earlier); and
the buyer pays the outgoings from the day after the settlement date or possession date (whichever is earlier).

We will notify those authorities of the change of ownership.

If land tax is payable by the seller in respect of the property, it will not be apportioned where:

the property is a residence which is capable of being used as a residence and for no other purpose; or
the property includes a residence which is capable of being used as a residence and:
- the land is less than 2 hectares; and
- that part of the land on which the residence is not constructed is used solely for an agricultural purpose.

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