25-11-2019

Critical December Deadline for Discretionary Trusts.

For any discretionary trust that holds residential land in NSW, 31 December 2019 is a critical date for reviewing and potentially amending your Trust Deed.

Refer to the following link to an article by ACIS in relation to discretionary trusts and amending your Trust Deed:

https://www.acis.net.au/resources-acis/entry?s=critical-december-deadline-for-discretionary-trusts&utm_source=Acis+General+Emails&utm_campaign=c371c04d2c-EMAIL_CAMPAIGN_2019_11_14&utm_medium=email&utm_term=0_e02a86caa1-c371c04d2c-506183345

If you hold residential land in NSW and your Trust Deed is unable to satisfy the requirement that no potential beneficiary of the trust is a foreign person you will be subject to foreign person surcharge duty and surcharge land tax liabilities.

We recommend you contact us immediately if your Trust holds or intends to hold residential land in NSW.

Disclaimer:
The information on this website and the links provided are for general information only and should not be taken as constituting professional advice from Hall Browns Accountants. You should consider seeking the appropriate legal, financial, or taxation advice to check how the website information relates to your unique circumstances.

Stay in the loop

Become a part of the
Hall Browns Accountants inner circle.

Subscribe and receive exclusive tips + articles, helping you to stay ahead and on top of your finances.

"*" indicates required fields

This field is for validation purposes and should be left unchanged.