A recent announcement by the Victorian State Revenue Office may have serious transfer duty and land tax ramifications for discretionary trusts that have any potential foreign beneficiaries.
Changes to Victorian Foreign Purchaser Additional Duty and Absentee Owner Surcharge for Discretionary Trusts will be implemented from 1 March 2020. So, what does this mean for taxpayers?
Changes may be necessary to discretionary trust deeds before 1 March 2020. Our Tax Advisory team can review your individual circumstances to help ensure you are compliant and not unnecessarily exposed to additional tax liabilities. We can also help you liaise with the Victorian State Revenue Office to make any required voluntary disclosure and assist if you are unsure of your obligations or require guidance on the correct operation of the Victorian transfer duty and land tax provisions.
Contact the Tax Advisory team