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A stroll through the minefield presentation
Published on 30 May 06 by VICTORIAN DIVISION, THE TAX INSTITUTE
This paper reviews and gives examples of common land trust nomination problems emphasising how deceptively simple the legislation is and indetifying the hidden traps for the unwary, including:
- Review of the land trust beneficiary nomination rules for 30 June 2006;
- Adverse tax consequences for beneficiaries who are nominated and the trustee's obligation to consider those consequences and to consult with a nominated beneficiary;
- Examples of nominations for chains of trusts;
- Rules for changing beneficiary nominations;
- Inclusion of beneficiary land tax in the CGT cost base for land
Author profile
Michael Taylor-Sands
Michael advises on property development transactions and joint ventures, structuring of acquisitions, divestments and commercial transactions. He has experience advising residential and commercial property developers in connection with income tax, stamp duty, GST, land tax and GAIC, as they impact land procurement and delivery structures. He is a current committee member of UDIA, PCA and the SRO State Taxes Consultative Committee. He represented the UDIA in consultations with Government on both GAIC (2005) and WGT (2021) and has unique insight into the formulation and implementation of both regimes as a result. - Current at 15 August 2022
This was presented at Land Tax or Land Mines? .
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Detecting, Disarming & Detonating a Mine
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A stroll through the minefield
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