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Victorian Land Tax Reminder for SMSF trustees

In December 2005 ClearLaw summarised the newly introduced Victorian Land Tax regime. Although SMSFs are excluded trusts, SMSF trustees holding Victorian land must still lodge a form with the State Revenue Office by 31 March 2006.

The new Land Tax Act 2005 (New Act) came into effect on 1 January 2006. You will recall that the New Act:

  • is a rewrite of the 1958 Act;
  • introduced new tax rates to Victorian taxable land;
  • applies a surcharge rate of land tax to Victorian taxable land held in some trusts.

The surcharge in respect of Victorian taxable land does not apply, however, in respect of land held by complying superannuation funds, as these constitute "excluded trusts".

Practitioners should be aware, however, that just because these trusts are excluded, the trustees must still notify the SRO that the land is held in a trust by 31 March 2006. SMSF trustees must still, therefore, lodge a "Notification of Lands Held on Trust" form, which form allows the trustees to notify the SRO of the category by which the land is excluded from the surcharge rate.

Trustees of trusts holding land as at 31 December 2005, and which are not excluded, then have until 30 June 2006 to make any nominations (in the case of discretionary trusts) or notifications (in the case of fixed and unit trusts) that they deem necessary.

 

Lawyer in Profile

Kate Latta
Kate Latta
Associate
PH: 61 3 9258 3012

Kate is a lawyer in Maddocks General Commercial Team. Kate joined the firm in 2010 as a paralegal and was admitted to practice in December 2012.

Kate has been involved in acting for a range of commercial, government and professional industry clients.

Her areas of expertise include:

  • drafting and reviewing commercial contracts;
  • corporate law;
  • corporate governance;
  • mergers and acquisitions; and
  • trusts law;