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Assessing Unit Trusts as 'Special Trusts'

Published on 14 Jun 2006 | Took place at Radisson Plaza Hotel, Sydney, NSW

To the surprise of many practitioners, and despite its long standing practice, the NSW OSR announced by way of a fact sheet on its website that it decided to assess unit trusts that hold land in NSW as 'special trusts' for land tax purposes. This followed the High Court decision in CPT Custodians. Following this there was some hope that the OSR would reverse its unpopular decision when it decided to put the proposed treatment on hold pending a further review. However, to the disappointment of many clients and their advisors, the recent outcome of the OSR's review has not been favourable. This seminar considers the application of the High Court's decision in CPT Custodians in the context of NSW land tax. The OSR's new practice, and possible solutions will also be covered.

Individual sessions

Assessing Unit Trusts as 'Special Trusts'

Author(s):  Denis BARLIN

Topics covered in this seminar paper include:

  • overview of the NSW land tax provisions
  • the application of CPT Custodians in teh NSW land tax context
  • the widened definition of 'owner' for NSW land tax purposes and its implcations; and
  • reviewing and objecting to land tax assessments, and possible strategies for taxpayers caught by the new practice 
Materials from this session: