The controversial Land Tax (Miscellaneous) Amendment Bill 2019 (SA) (Bill) has passed both houses of Parliament and is presently awaiting Royal Assent. After obtaining Royal Assent, the amendments to the Land Tax Act 1936 (SA) (Act) will come into force and effect on 30 June 2020.
Regardless of the size of your superannuation benefits, it is vital that you sort out your estate plans to ensure that you have a well prepared estate plan so that the right assets go to the right beneficiaries. You need to make sure that you get holistic estate planning advice and have arrangements in place to review your estate plans regularly. Estate plans are not to be set and forgotten.
If you have a family trust which owns residential land in NSW or proposes to acquire residential land in NSW you may need to amend your trust deed to avoid a land tax surcharge applicable to foreign persons.
Foreign persons (including temporary residents) who invest in Australian water now need to register their interest with the Australian Taxation Office.