If you have a discretionary or hybrid trust that owns residential land in New South Wales you may need to have your deed amended before 31 December 2018.
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The Commonwealth Government has announced a 12-month amnesty for employers to self-report underpaid superannuation amounts, during which period the usual penalties for underpayment (non-deductible payments and administrative penalties) will not apply. The amnesty period ends on 24 May 2019.
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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