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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