There is a change in the type of trust (for example, from a discretionary trust to a fixed trust).Trustees must also notify us in writing within one month if: If you have not yet made any of these notifications, you should do so. You must lodge these notifications again, each time the trustee acquires additional land for the trust. Within one month of acquiring land as trustee, you must lodge a notice of acquisition with Land Use Victoria, and also a notice of trust acquisition of an interest in land form with the State Revenue Office. More about absentee trusts Trustee notification requirementsĪll trustees must notify us that they hold Victorian land on trust and when they acquire additional Victorian land as a trustee. If you are the trustee of an absentee trust that owns taxable land, you must also tell us you are an absentee owner. The surcharge is 2% from the 2020 land tax year (previously 1.5% for the 2017-2019 land tax years and 0.5% for the 2016 land tax year).Īn absentee trust is a discretionary trust, a unit trust or a fixed trust, which has at least one beneficiary who is an absentee person. The absentee owner surcharge is additional to the land tax you pay at general or trust surcharge rates. If you are the trustee of an absentee trust, the absentee owner surcharge applies to the trust’s taxable land. If you tell us about the beneficiaries of the trust, we may assess the trust at general rates and may also assess the beneficiaries for their interest in the trust land in any individual assessments they receive. When the total value of the taxable land is $3,000,000 or more, there is no difference between the general and trust surcharge land tax rates. The trust surcharge rates are higher than general land tax rates and apply once the total value of the taxable land held by the trust is $25,000 or more. The trust surcharge does not apply to land held by an administration trust, an excluded trust or an implied or constructive trust. Land held on trust for a fixed, discretionary or unit trust is generally assessed at trust surcharge rates of land tax. Use our land tax calculator Land tax trust surcharge If you are the trustee of multiple trusts, you will receive a separate assessment for each trust unless the trusts have the same beneficiaries. We assess each trust that a trustee acts for separately and send them our assessment. If you are a trustee holding land on trust, you must tell us and keep us notified of certain changes. Special rules apply to land held on trust.
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