If you think your family trust isn’t foreign, have a think about its members. Is your child residing overseas? Is a relative beneficiary you’ve never met living in another country? It will pay to check the nature of your family trust composition before 1 January 2018.
The trustee of a trust may be treated as a ‘foreign person’ for the purpose of this ‘surcharge land tax’ if the trust deed allows for the beneficiaries of the trust to be foreign persons.
And if your family trust owns residential land in NSW, it’s time to act and help your family trust to avoid the additional ‘surcharge land tax’ applicable from New Year’s Day 2018.
Without delay, get in touch with us and have your family trust reviewed. We can prepare a Deed of Variation for $500 (minimum) + GST, sparing you additional ‘surcharge land tax’.
How can YML help?
Talk to our Accountants today to see how YML Group can assist you with a Deed of Variation. Contact us on (02) 8383 4400 or by visiting the Contact Us page on our website.