Land Tax: Foreign Persons Surcharge

You may have been contacted or seen recent activity on the end of the grace period relating to land tax on residential land held in discretionary trusts.

Land tax surcharge can now apply for trusts that allow distributions to foreign beneficiaries (your deed needs to exclude foreign beneficiaries).

Although the 31 December 2020 grace period has ended, this is still a topic to keep front of mind if you have a discretionary trust. If your trust holds / or will hold residential land in the future (both directly and indirectly via an interest in another entity), contact your C&N advisor to determine if any action is required.

The team at Cutcher & Neale are here to help, please get in touch if you would like further assistance.