Improperly Drafted Exclusionary Clause Triggers Foreign Land Tax Surcharge For Discretionary Trust
This ruling from the New South Wales Civil and Administrative Tribunal (the Tribunal) serves as an important reminder for ensuring that discretionary trust deeds are appropriately amended to prevent the activation of "foreign" land transfer (stamp) duty and land tax surcharges
LAND PURCHASERS TO BENEFIT FROM LAND TAX AND WINDFALL GAINS TAX EXCLUSIONS ON SALE
Legislation in Victoria has now passed the Legislative Assembly to prohibit a vendor from passing on an existing land tax or windfall gains tax liability to a purchaser on sale of land. Subject to the legislation passing unamended in the Legislative Council and receiving Royal Assent, the changes will take effect 1 January 2024.
Draft Land Tax Ruling - Land Tax Exemption for Charities
On 15 February 2022, the Victorian State Revenue Office (SRO) published ruling LTA-009 (Draft Ruling) that replaced the previous rulings of LTA-004 and LTA-005.
The consultation process closed for comments and submissions on 15 March 2022. We will provide updates when the SRO releases their final ruling in due course.