IRS announces its Offshore Voluntary Disclosure Program will be coming to an end
The IRS has announced that its Offshore Voluntary Disclosure Program (OVDP) will end on 28 September 2018.
Read MoreIt is now well known that where a discretionary trust is to acquire or own residential land in New South Wales it may be necessary to amend the trust deed for the trust to prevent foreign person duty and land tax surcharges being imposed on the trustee.
Read MoreIt would be prudent to recommend to your clients that their "fixed" trusts and unit trusts be reviewed having regard to recent developments.
On 13 September 2017, the ATO issued a finalised Guideline (PCG 2016/16) which sets out the circumstances when the Commissioner will exercise his discretion to treat a trust as a fixed trust.
Read MoreThe 2017/2018 Budget includes a number of significant changes in the property sector that will have an impact on all property transactions and in particular for foreign investors, investors, developers and first home buyers. We have summarized a number of the changes that you should keep in mind when buying or selling from 1 July 2017.
Read MoreThe Retail Leases Amendment (Review) Bill 2017 (NSW) was assented to earlier this year and the resulting changes to the Retail Leases Act 1994 (NSW) (Act) are due to commence on 1 July 2017.
Read MoreMost accountants and lawyers are aware of the duty implications of changing a trustee of a trust that holds dutiable property in New South Wales – as long as any new trustee or continuing trustee cannot benefit under the trust, the duty payable on a transfer of dutiable property to the new trustee or continuing trustee will only be $50.
Read MoreAfter the introduction of land tax and duty surcharges for foreign persons acquiring or holding residential land in NSW, it was thought that discretionary and certain hybrid trust deeds needed to be amended by no later than 31 December 2016 to ensure that the surcharges would not be imposed on those trusts.
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