New Land Tax Measures will take effect from 30th June 2020,however, action must be taken by 3rd June 2020 to allow time to be reassessed.
If you own property through a Trust or Company, this may effect you.
1. Trustees of discretionary trusts owning property before 16 October 2019 will need to decide whether:
(a) they can nominate a designated beneficiary; and
(b) that will be worthwhile from a tax-saving viewpoint.
Note: Some trusts, such as complying superannuation funds and deceased estates may be excluded.
2. Fixed trusts and unit trusts need to review whether they should notify RevenueSA of the holders of fixed interests and/or units.
3. Investors owning property through 2 or more separate companies need to determine whether those companies will be related corporations.
4. Investors adversely affected by the changes should examine whether they are entitled to apply for transitional relief and/or whether it would be worthwhile restructuring.
5. Investors need to give careful consideration to the way in which future property purchases are undertaken to minimize the effect of the new rules.
If your land is owned by a trust and you want to nominate a beneficiary, action must be taken by 3rd June 2020 to allow time to be reassessed.
Follow the link below or contact our office for more information.