The below is an important update around timing of proposed changes reported to you in our previous client alerts issued December 2019. The changes concern a Bill introduced into Parliament in late 2019 which would see a number of amendments impacting certain types of trusts which own an interest in residential land. Our original client alert can be found by clicking here.
Parliament did not consider the Bill prior to the conclusion of sittings for 2019 and therefore the original deadline of 31 December 2019 proposed in the Bill discussed in our earlier alert was extended. Parliament did not consider the Bill during the COVID-19 crisis however have now advised a new deadline of 31 December 2020 has been set to change the terms of a trust to avoid surcharge duty.
You should seek advice regarding these changes and consider whether the terms of your will or discretionary trust should be amended. If you would like to discuss this matter further or if you need assistance with your trust, please contact our Estate Planning team on (02) 4927 2900.