Emily Pritchard answers your burning questions relating to duty and the establishment of trusts. […]
Deadline for foreign persons instructions to Acis
Acis, current as of: 25 November 2020.
We’ve written and shared many articles about the upcoming foreign persons exclusion deadline – that’s because it’s an important one. If any of your clients are impacted, we need your instructions by 9 December.
Given the spin the industry has been in this year, we want to be sure none of your clients slip through the net and end up with surcharge land tax and duty assessments.
In a nutshell, they may be affected if they hold a direct or indirect interest in residential property in NSW through a discretionary trust. The facts and a more detailed explanation can be found here.
Due to the sheer volume of requests we’re fielding, we’ll need your instructions by close of business Wednesday, 9 December to have documents back in time for you to lodge.