Is your family trust holding the residential property in NSW? Does the beneficiary of your family trust include foreign persons?
The State Revenue Legislation Further Amendment Act 2020 (NSW) received assent on 24 June 2020. This Act aims at the residential land in NSW held by the discretionary trust, including testamentary trusts. The Act clarifies that a trustee of a discretionary trust is a foreign person if the terms of the trust don’t prevent a foreign person being a beneficiary. If you’re a foreign person who owns residential land in NSW, you must pay a land tax surcharge in addition to any land tax you may already pay.
There are transitional provisions that allow amendments to be made to trust deeds to exclude foreign beneficiaries – these amendments must be made by midnight 31 December 2020. In order to avoid any surcharge liabilities, new trust deeds will need to meet the requirements of the legislation.
Please feel free to contact us if you are in the above situation and being unclear about the relevant terms.
您的家庭信托是否持有新州住宅物业？您的家庭信托受益人是否没有限定海外人士？2020年6月24日，the State Revenue Legislation Further Amendment Act 2020 (NSW) (“修正案”)获得了批准。该修正案主要针对由discretionary trust（“全权信托”）持有的新州住宅不动产，包括testamentary trusts (“遗嘱信托”)：如果该信托无明确条款限制外国人成为该信托的beneficiary（“受益人”），则该信托被视为外国人(投资主体)纳税，在2021年1月1日后，trustee(“受托人”) 将被加收land tax 以外的surcharge (“土地税附加费”)，比原土地税可高达一倍以上。如果您的信托存在以上情况，须2020年12月31日前须对Trust Deed (“信托条款”)进行修改，避免额外的土地附加税。如果您有家庭信托，您对您家庭信托的条款不清楚，欢迎咨询。