New Rules Applicable to Discretionary Trusts
Contact Accredited Commercial Law Specialist, Adrian Riccioni (left) or Head of Property Law and Accredited Property Law Specialist, Barry Northfield (right) today.
The State Revenue Office of Victoria has announced that as from the 1st of March 2020 they will apply Foreign Purchaser additional duty (currently an additional 8%) to all purchases of real property by trusts including Family Discretionary Trusts unless the trust Deed has been amended prior to a purchase contract being signed. The amendment is to expressly exclude foreign beneficiaries of any sort.
It is therefore vital that you have your trust deed reviewed and if necessary amended before signing any contract to purchase property in Victoria from now on. RNG Lawyers are ready and able to assist you in this process.