NSW lifts extra charges to stamp duty and land tax in respect of testamentary trusts with potential non-resident beneficiaries, provided they are created under Wills or Codicils executed on or before 31 December 2020.
The State Revenue Further Amendment Bill 2020 (NSW) (“the Bill”) is currently awaiting Royal assent.
Under the Bill, the trustee of an “Australian testamentary trust” is not a foreign trustee and will be able to avoid surcharge purchaser duty and surcharge land tax (in respect of the 2017 and subsequent land tax years) even if the trust does not prevent a foreign person from being a beneficiary of the trust if:
The Bill defines an ‘Australian testamentary trust’ as a discretionary trust arising from a will or codicil or the administration of an intestate estate (or as a result of an order of a court varying the application of the provisions of a will or codicil or of the rules governing the distribution of an intestate estate) where the deceased was not a foreign person immediately before his or her death.
The Full Federal Court has handed down its much-anticipated decision in PepsiCo, Inc v Commissioner of Taxation [2024] FCAFC 86, overturning the decision of the Federal Court.
Leading independent law firm Johnson Winter Slattery (JWS) has advised MM Capital Partnerson the successful acquisition by its latest fund, MM Capital Infrastructure Fund II, L.P., of 50 per cent...