Changes to purchaser stamp duty and land tax arrangements in NSW have widespread implications beyond their original intention of improving housing affordability for domestic buyers.
The State Revenue Legislation Further Amendment Act 2020, which came into effect in New South Wales on 24 June 2020, expands the operation of surcharges for trusts which include foreign persons as beneficiaries, including retrospective measures dated back to June 2016.
Trust deeds need to be amended by 31 December 2020 to include provisions that exclude foreign persons as beneficiaries, as well as provisions that irrevocably prevent foreign persons from becoming potential beneficiaries.
Partner Joey Borensztajn AM presented on the changes and was joined by Sydney partners Paul Rubenstein, Jonathan Caplan and Nathan Briner, who hosted the webinar and facilitated questions from the audience.
Click here for a copy of the presentation slides.