Extra Stamp Duty on transfer of land after 01/03/2020

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From 01 March 2020 , in NSW  (other States to follow) Up to 8% extra stamp duty will be payable on purchase of land by a discretionary trust having a foreign beneficiary because it becomes a foreign trust as per Revenue office as every beneficiary in the discretionary trust may be entitled to the full capital of the trust.
Applying the provisions to trusts, where a “foreign purchaser” had a beneficial interest in more than 50% of the capital of the estate of the trust, the trust would have been considered to be a foreign trust for the purposes of the additional duty.



























Disclaimer: Any information in this article is of general nature only. Any person should, before acting on the content, consider the appropriateness of it having regard to their own personal circumstances, and if necessary seek professional advice. J.A.P TAXATION and its employees or any related entities, do not accept any liability for any loss, damages or outgoings rising out of the use of all or any part of information provided in this article.

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