When a new trust is established on our platform, one of the interview options allows the user to request that a foreign beneficiary exclusion is inserted into the deed.
This option needs to be selected if the trustee wishes to avoid any foreign trust land tax surcharges or foreign acquirer duty surcharges (which apply in most states).
Where it is selected, additional provisions are inserted to exclude any foreign beneficiaries from the trust, to satisfy the requirements of the relevant State Revenue Office.
This approach should be used with care as the foreign beneficiary exclusion is irrevocable and cannot subsequently be amended or removed from the deed.
The platform also includes a deed of variation product to insert the foreign beneficiary exclusion into an existing trust deed.