DescriptionIf you have received a land tax assessment for land held on trust, you need to check a number of details to ensure they are correct. This video outlines what to check on an assessment for land held on trust. It also describes what to do if you find an error.
There are additional details you need to check if land is held on trust.
Firstly, the notice should be addressed to the trustee and issued on behalf of the trust.
If the land is held on trust and this information is missing, it is likely that the trust is not being assessed at the correct rate.
It is the trustee’s responsibility to notify us as soon as possible if this is the case.
You will also need to check that the:
- Trustee and trust details on page 1 are correct.
- Property listed on the Statement of Lands on page 4 and subsequent pages shows all property held by the trustee for the relevant trust as at midnight on 31 December 2018.
- Valuations used are accurate. Each property uses a value from the most recent valuation undertaken by the relevant local council.
Trustees of land held on trust have to pay a surcharge unless certain notification requirements have been met. More information about these requirements is at sro.vic.gov.au/landtaxtrusts.
Where a beneficial ownership notification has been made, there may be a separate land tax assessment notice issued to the beneficial owner or owners.
A beneficial owner’s assessment lists any property that an individual owns on their own as well as their beneficially held property. The property held on trust is listed underneath the individually held property, and indicates the percentage share held, if applicable.
To prevent double taxation, any property held on trust, listed on an individual assessment is subject to a trust deduction, shown on page 2 of the assessment. More information about how we assess land held on trust is at sro.vic.gov.au/landtaxtrusts.
If a beneficial owner is not an Australian citizen and was absent from Australia in 2018, the trust may be liable for the absentee owner surcharge. More information about the absentee owner surcharge is at sro.vic.gov.au/aos.
It is the trustees responsibility to let us know if there are any errors on the assessment. To update the assessment, call us on 13 21 61, or visit sro.vic.gov.au/assessment.