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READ MOREClients warned on discretionary trust amendments ahead of retrospective duty, land tax
Clients with discretionary trusts that hold or intend to hold residential land in New South Wales have been urged to make amendments despite the passing of the transitional amendment date of 31 December 2019.
In October last year, legislation was introduced by the NSW government to treat discretionary trusts as foreign trusts, liable for both surcharge purchaser duty and surcharge land tax, unless trustees amended their deeds to include the foreign beneficiary exclusion.
Read more at Accountants Daily.
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