I have just become a trustee of a new trust that recently bought Victorian land. What do I need to do for land tax purposes?
If you are a new trustee and recently acquired land for the trust, you are required to notify the Commissioner by lodging a “Notice of Trust Acquisition of an Interest in Land” form with the Office within one month after becoming a trustee (unless the trust is an excluded trust, see question 2 and 7). If you fail to do so, you may be liable to penalty tax at 25% of the additional amount of tax that the trustee would have been assessed as liable to pay had the notification been made in time.
