Business Alert at 9:00am With CVA – Do you own land in NSW?

Clear Vision • December 1, 2019

Tax Land Well the cockroaches are at it again.

All Family Trusts that own residential land in NSW considers Family Trust to be automatically subject to the Foreign Persons Surcharge on stamp duty and Land Tax for any New South Wales residential property owned through the Trust.

Revenue NSW has recently written to Trustees of Family Trusts that hold land to remind them that they will be subject to the 2% foreign person land tax surcharge unless their Trust Deeds are updated to exclude foreign beneficiaries.

Now is the time to get the trust deed amended or face the prospect of paying the 2% additional tax. Of course, it’s always best to get advice when it comes to new rules that may or may not affect you.

We urge you to phone us if you’re concerned.

We drew inspiration for this article from Law Central – thank you.

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