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Publications on this website are provided as a service to clients, colleagues, and others for general information only. This information is not designed to provide legal or other advice or create a lawyer-client relationship. You should not take, or refrain from taking action based on its content.

Surcharge Duty and Discretionary Trusts

This is a quick update in relation to a recent revenue ruling from the Office of State Revenue (OSR) that will affect discretionary trusts purchasing land or which have purchased land since 21 June 2016. Revenue Ruling No. G010 provides that where a foreign person is a beneficiary of a discretionary trust then the trust will be liable for surcharge duty in addition to the stamp duty payable. The foreign person must have a substantial beneficial interest in the trust, which equates to an interest of 20% of the income or property. You should keep in mind that in determining whether the foreign person has a 20% interest in the trust, the OSR will deem their interest to be the maximum interest t

Cameron dominates the Armidale Show!

Congratulations to our Special Counsel, Cameron Cowley, for his victory at the Armidale Show! Cameron took out 1st place for his David Austen rose, as well as Champion and 2nd place for his medium decorative dahlia in the novice categories. He's proud as punch and is making sure that everyone in the office knows about his green thumb!

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