Land Tax For Trusts - Notification And Nomination Information

The forms required to notify details of land held on trust and to nominate beneficiaries have now been released by the State Revenue Office (SRO). These forms and related information can be downloaded from the SRO website at www.sro.vic.gov.au.

We have been advised by the SRO that it has accumulated a database of trusts holding land where trustees have previously disclosed their trust capacity to the SRO and that it has also obtained details from the Australian Taxation Office where trust-related Income Tax Returns have been lodged.

Using this information, the SRO has completed a mail-out to the entities holding land on trust in Victoria of which it is aware, explaining that the landowner must notify the SRO of land held on trust and that the landowner has a one-off opportunity to nominate a beneficiary in order to avoid the trust land tax surcharge.