Improperly Drafted Exclusionary Clause Triggers Foreign Land Tax Surcharge For Discretionary Trust

This ruling from the New South Wales Civil and Administrative Tribunal (the Tribunal) serves as an important reminder for ensuring that discretionary trust deeds are appropriately amended to prevent the activation of "foreign" land transfer (stamp) duty and land tax surcharges

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Stamp Duty Out, Commercial and Industrial Property Tax In Starting 1 July 2024

From 1 July 2024, a new state taxes regime commences for certain commercial and industrial properties. Upfront land transfer (stamp) duty will be phased out in lieu of a new annualised Commercial and Industrial Property Tax (New Tax).

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Baullo v Commissioner of State Revenue [2023] VCAT 1164: Beneficiary Loans, Land Transfer Duty, and Discretionary Trusts

The VCAT ruling of Baullo v Commissioner of State Revenue [2023] VCAT 1164 (Baullo), has reaffirmed the position of the State Revenue Office (SRO) that forgiving beneficiary loans in relation to a distribution of property from a discretionary trust to a beneficiary will prohibit utilisation of the exemption to land transfer (stamp) duty afforded by section 36A of the Duties Act 2000 (Act).

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Binding Death Benefit Nominations – Notice and Conduct 

A binding death benefit nomination (BDBN) is a direction from a member of a superannuation fund to the trustee of the superannuation fund on how that person’s superannuation entitlements are to be paid or transferred on their death. In the absence of a BDBN, the trustee is not compelled to distribute the superannuation proceeds in accordance with the member’s wishes.

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Family Farm Transfer Exemption – Transferring the Family Farm to related Parties

Farmland is often the single most valuable asset for a farming family. The farm provides a base from which to operate the farming business and the capital value of the farmland typically increases in value over the long term.

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Succession Planning with Digital Assets

Not so long ago, the possessions that people left to their estate after passing away were physical and tangible like cars, cash or jewellery. These days however people produce a significant digital footprint consisting of accounts, profiles, and digital assets. New assets and investments such as cryptocurrencies, NFTs, loyalty program accounts and social media accounts are all changing the succession planning process. Existing tools like Wills and trusts remain effective to deal with these digital assets.

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Succession Planning, Powers of Attorney Harwood Andrews Succession Planning, Powers of Attorney Harwood Andrews

Succession planning checklist

There are a wide variety of events that should prompt you to review your succession plans: for example, the ageing of an executor appointed in your will; the arrival of children or grandchildren; the breakdown of a child’s marriage; the threat of some commercial misfortune to a child; the graduation of a child into a professional career; or a resolve to assist a needy charity.

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