Question
Can an existing deed be amended to satisfy the relevant criteria for later years of land tax assessment?
Answer
Yes. Unit trusts that were not established to satisfy the relevant criteria of a fixed trust for land tax purposes in NSW, may have their Trust deeds reviewed and amended if necessary to benefit from the tax-free threshold.
Before any amendment, it is important to seek legal advice to make sure that there are not any legal, stamp duty or tax consequences.
If you require a client legal advice service, send your request in writing to our Technical Compliance Team via email at legal@nowinfinity.com.au. Your request will be reviewed and if a legal opinion is required, will be referred to our external legal provider DGF Morgan & Associates on a fee for service basis.
For more information about the Legal Referral Process click here.