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Update your discretionary trust to exclude foreign person from $250. The Deed of Variation amends a discretionary trust to exclude any foreign beneficiaries who are classified as a foreign person under the current relevant law from receiving distributions of income or capital from the trust. This document serves to exclude any foreign person who is not named as a beneficiary. Once the deed has been executed, the variation is irrevocable and cannot be amended in the future.
Various state governments in Australia have introduced tax surcharges for foreign persons who hold or acquire interests in property within a particular jurisdiction. If you are a foreign purchaser and you acquire property, as well as land transfer duty you may have to pay foreign purchaser duty (additional duty) or surcharge land tax. Surcharges include:
The definition of foreign persons is formulated by various laws. You may be a foreign person if you meet the requirements of these acts:
Issues that may not be contemplated by drafting a deed of variation may include:
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