To the surprise of many practitioners, and despite its long standing practice, the NSW OSR announced by way of a fact sheet on its website that it decided to assess unit trusts that hold land in NSW as 'special trusts' for land tax purposes. This followed the High Court decision in CPT Custodians. Following this there was some hope that the OSR would reverse its unpopular decision when it decided to put the proposed treatment on hold pending a further review. However, to the disappointment of many clients and their advisors, the recent outcome of the OSR's review has not been favourable. This seminar considers the application of the High Court's decision in CPT Custodians in the context of NSW land tax. The OSR's new practice, and possible solutions will also be covered.
maintenance