I am the nominated beneficiary of a discretionary trust which holds both pre-2006 land and post 2006 land. How does this impact on my land tax liability?
The nomination only applies to the trust land acquired pre-2006. Therefore, you are deemed to be owner of the pre-2006 trust land and you will be assessed on this land together with any other taxable land you own when calculating your land tax liability. To prevent double taxation, a deduction for the proportional tax on the pre-2006 trust land will be allowed. The trustee is assessed on the post- 2006 land held on trust at the surcharge rates. The post-2006 trust land is not included when assessing your tax liability.
