This SmartForm must be lodged with the State Revenue Office when a trustee acquires land in Victoria on trust (section 46K of the Land Tax Act 2005). This notification must be made within one month of the acquisition.
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Provisions within the Land Tax Act 2005 allow for some types of trusts to avoid the trust surcharge rate of tax if they notify us of:
- their exclusion status, or
- the unit holdings of unit holders, or
- the beneficial interest of beneficiaries.
In addition, if the land acquired is used by a beneficiary as their principal place of residence (PPR), trustees of some types of trusts may elect to nominate a PPR Beneficiary. This will impact the way in which the trust is assessed for land tax.
Read more information about the exclusion status and the notification/nomination options for trusts.