Notice of trust acquisition of an interest in land
LTX-Trust-08
What is the purpose of this form?
This form must be lodged with the State Revenue Office (SRO) when a trustee/s acquires land in Victoria on trust, including if, immediately prior to the acquisition, they held the same land as trustee of a different trust (section 46K of the Land Tax Act 2005). This notification must be made within one month of acquisition.
Failing to notify us within the required time limit (one month) is a notification default under the Taxation Administration Act 1997. For details on notification default, please refer to Revenue Ruling TAA-008. When this happens, you may be liable for penalty tax on the additional amount that would have been assessed if you had notified us of the issue within time.
Who can complete this form?
This form must be completed by the trustee, or a representative of the trustee (e.g. agent, solicitor), on behalf of all parties to the acquisition of the land. This form will accommodate multiple trusts being parties to the one transaction.
If more than one transaction is involved, multiple forms will be required.
Before you start, please review our SmartForm tips to help you complete this form.
Old PDF versions of this form are no longer accepted.
Additional information
Trust administration
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.
