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Holding Land in Trusts Post 2005: What you need to know about the new land tax rules

Published on 07 Feb 2006 | Took place at Leonda by the Yarra, Hawthorn , VIC

In December 2005 the Victorian Government introduced a new land tax surcharge that applies to land held in trusts. The new rules require all trusts that own land to notify the State Revenue Office of their land holdings. The new rules also allow concessions for trusts that nominate beneficiaries in certain circumstances. These materials explain the practical steps that trustees and their advisers will need to take to comply with the new rules and to take advantage of the concessions. They will also discuss the pros and cons of restructuring trusts that own land to minimise the impact of land tax and of using trusts to make new purchases of property.

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Individual sessions

Land tax: overview of new trust measures

Author(s):  Michael TAYLOR-SANDS

This presentation explores the background to the new legislation, the key changes, and the compliance obligations on trustees. Discussion focusses on:

  • the new trust regime including background and policy
  • identification of affected trusts
  • explanation of concessions for different trusts
  • a worked example drawing on the concessions and illustrating the importance of aggregation
  • new compliance obligations for trustees.
Materials from this session:

Land tax trusts: selected issues

Author(s):  Ron JORGENSEN

This paper discusses issues arising in the following areas under the Land Tax Act 2005 (as amended by the Duties & Land Tax Acts (Amendment) Act 2005:

  • SRO Audit and enforcement activities
  • ownership through equitable interests, unitholdings, common trustees and beneficiary nominations
  • principal place of residence (PPR) unit and discretionary trusts
  • restructuring, varying and winding up landholding trusts
  • primary production exemption
  • valuations.
Materials from this session: