Looking for an experienced and cost-effective tax solicitor to assist with ensuring you are compliant with upcoming trust and tax law changes? Look no further than LegalVision. Our tax lawyers can assist with all trust deed matters.
Upcoming Changes
If you are a foreign person who owns residential land in NSW, you must pay a land tax surcharge in addition to any land tax you may already pay. A discretionary trust is effectively deemed to be a “foreign person” unless its trust deed prevents (or is amended to prevent) foreign persons from being beneficiaries of the trust by 31 December 2019.
Make sure your trust deeds are amended by 31 December 2019 to prohibit distributions to foreign persons or face land tax surcharge of 2% (on top of regular land tax where applicable).
If you have a question about a tax law matter and need legal advice, get in touch with LegalVision today and request a free consultation. We operate primarily online, which means we can assist clients anywhere in Australia. Fill out the form on this page.
