A reminder to our clients that double demerits apply for speeding, seatbelt, helmet and mobile phone offences this Easter long weekend from midnight tonight, 28 March to 11:59pm 2 April 2018.
During Operation Merret and throughout the Easter period, you will see more police on the roads, not only targeting motorists for dangerous behaviours, but educating drivers on safe behaviour and encouraging those who are doing the right thing through positive reinforcement.
Please drive safely.
The NSW Government has reformed the compulsory third party (CTP) insurance scheme to reduce the costs of CTP Green Slips for vehicle owners and better support people injured on NSW roads.
If you were the registered owner of a private vehicle as at midnight 30 November 2017, you may be able to claim a CTP Green Slip refund for CTP insurance policies bought or renewed before 1 December 2017.
Over 4 million NSW vehicle owners will be eligible for a refund as a result of these reforms.
Claims must be submitted by 30 September 2018.
To see if you are eligible to claim a CTP Green Slip refund and to make a claim for your refund, log in to Service NSW
Do you own land in NSW through a family trust structure? If so, then take note…
Revenue NSW (previously the NSW Office of State Revenue) automatically applies the Land Tax Surcharge on land tax assessments for properties owned through a family trust. The surcharge, which was introduced as part of the 2016 NSW budget, is currently at 2%, and can be significant. There is a similar application to stamp duty also.
This surcharge does not apply where Revenue NSW has been advised of the fact that the trust deed specifically (and irrevocably and permanently) excludes foreign persons or entities as potential beneficiaries.
On 24 June 2020, the State Revenue Legislation Further Amendment Act 2020 (NSW) received Royal Assent. It clarifies that a trustee of a discretionary trust owning residential property in NSW is taken to be a foreign person for foreign surcharges purposes, if the trust does not irrevocably prevent a foreign person from being a beneficiary of the trust.
The transitional provisions give trustees of discretionary trusts an exemption and refund for foreign surcharges where the trust deed, made on or before 24 June 2020, contains a provision to prevent a foreign person from benefiting.
Until 31 December 2020, trustees of discretionary trusts have an opportunity to amend their trust deeds to include the provision and the provision must be irrevocable for the past and future surcharges not to apply.
From 1 January 2021, trustees of all discretionary trusts (including testamentary trusts) will be subject to surcharges unless the trust deed contains an irrevocable provision.
We have assisted several clients to update their trust deeds at the time of initial registration for land tax (to exclude foreign persons or entities as potential beneficiaries) however, where there is an existing trust with an existing landholding, this may be something that needs to be monitored and updated, so check your assessments.
FURTHER INFORMATION
Craig Pryor is principal solicitor at McKillop Legal. For further information in relation to land tax, trust deed amendments or any other commercial law matter, contact Craig Pryor on (02) 9521 2455 or email craig@mckilloplegal.com.au.
This information is general only and is not a substitute for proper legal advice. Please contact McKillop Legal to discuss your legal needs.
We found Fionne to be highly skilled in providing estate planning and business succession advice to us. She was responsive and really took her time in answering our questions and explained everything in a way that we could understand. We feel at ease now that we know our three young children will be cared for financially in the event that something happens to us.
