Blog

Important changes re NSW Property Ownership

Categories: Articles, Property
2 December 2020

Important changes re NSW Property Ownership

New changes will come into effect in New South Wales from 1 January 2021 in relation to land tax and stamp duty. The changes will affect the way these two taxes are calculated where a property is owned / acquired by a trust.
Broadly speaking the change is related to the surcharge in place for foreign property owners. As a trust typically has a wide range of potential beneficiaries, often including foreign beneficiaries, NSW will now, unless foreign beneficiaries are specifically excluded, assess the trust at the foreign surcharge rates. To avoid this, it is necessary to vary the trust deed to specifically exclude any foreign beneficiaries.
Please get in touch with Scott Partners if you have property in NSW held by a trust.

share this article

reputation_logo
reputation_logo
reputation_logo