Announcement: NSW Land Tax Assessments include a 2% Foreign Persons Surcharge for Family Trusts

December 13, 2021

A reminder for all Family (Discretionary) Trusts that own residential land in NSW – Revenue NSW (formerly known as the Office of State Revenue) considers Family Trusts to be automatically subject to the Foreign Persons Surcharge on transfer duty and land tax for any New South Wales residential property owned through the Trust.

Land Tax Assessments for property in NSW that is held as at 31 December will be issued early in the new year. If you hold residential property through a family trust at that time and have NOT amended your Family Trust Deed to exclude foreign persons and informed Revenue NSW of the amendment BEFORE 31 December 2021, you will be subject to the 2% foreign person surcharge land tax for this year.

We urge you to act quickly with regards to these changes for any Family Trust (even those based outside of NSW) that owns or intends to purchase residential property in NSW, to minimise financial hardship caused by having to pay these surcharges.

Quote of the month

“You can’t change conditions. Just the way you deal with them.”

Jessica Watson, sailor


Merry Christmas

If someone asked you what your ideal day is, what would you answer?

This year was a year where many of us have taken stock of what is important, refined our goals, and focussed on closing the gap between our ideal and our reality.

We’ll look forward to working with you again in 2022 and helping you to close that gap!

On behalf of all the team we wish you a safe and happy Christmas.

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