Revenue NSW (Formerly known as the Office of State Revenue) considers Family Trusts to be subject to the Foreign Persons Surcharge on stamp duty and Land Tax for any New South Wales residential property owned through the Trust, including Trusts that are based outside of NSW. Revenue NSW has confirmed that they automatically apply the 2%…
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Recent changes to duty legislation in New South Wales, Victoria and Queensland has meant that “foreign persons” who purchase certain types of residential land in each of these states, will attract a foreign duty surcharge as determined in each of those states relevant Acts. Legislation in New South Wales and Victoria also imposes a land…
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The Assistant Treasurer, The Hon. Bill Shorten, has announced a public consultation process as the first step towards updating the trust income tax provisions in Division 6 of Pt III of the Income Tax Assessment Act 1936 and rewriting them into the Income Tax Assessment Act 1997. Mr Shorten said an initial consultation paper will…
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