Assessing Unit Trusts as 'Special Trusts' - CPT Custodians & NSW Land Tax
Published on 21 Sep 2006
| Took place at The Illawarra Catholic Club, Hurstville, and The Chatswood Club, Chatswood
This seminar series was held on:
- 19 September 2006 at The Illawarra Catholic Club, Hurstville
- 21 September 2006 at The Chatswood Club, Chatswood.
After the High Court’s recent decision in CPT Custodians, the NSW Office of State Revenue has decided to assess unit trusts that hold land in NSW as ‘special trusts’ for land tax purposes. As a result, unit trusts have been subject to a higher rate of NSW land tax in the 2006 year, on the basis that they have not been eligible for the land tax-free threshold. This seminar considered the application of the High Court’s decision in CPT Custodians in the context of the NSW land tax provisions. The OSR’s practice, the impact of the recent NSW Budget announcements and possible solutions were also addressed.