This paper reviews and gives examples of common land trust nomination problems emphasising how deceptively simple the legislation is and indetifying the hidden traps for the unwary, including:
- Review of the land trust beneficiary nomination rules for 30 June 2006;
- Adverse tax consequences for beneficiaries who are nominated and the trustee's obligation to consider those consequences and to consult with a nominated beneficiary;
- Examples of nominations for chains of trusts;
- Rules for changing beneficiary nominations;
- Inclusion of beneficiary land tax in the CGT cost base for land