Legislation Update – Land Tax Series – Foreign Surcharges and Discretionary Trusts
Pursuant to the Land Tax Act 1956 (NSW) (“the Act”), generally speaking, surcharge land tax is payable in respect of residential land if the land is owned by a foreign person.[1] On 24 June 2020, the new Section 5D of Act came into force and introduced new legislative requirements on discretionary trusts in respect of […]