Land Tax on Trusts - Update

Victorian Treasurer John Brumby today issued a Media Release advising that the State Government is proceeding with their proposed new arrangements to impose Land Tax on Trusts, which we expect will impact on a number of dental practices. While the draft legislation apparently contains some changes compared with the arrangements originally flagged, there is still likely to be a need for practices holding land through a trust to obtain accounting and/or legal advice.

The Shadow Treasurer, Robert Clark has also issued a Media Release, criticising the Bill and highlighting confusion around the due dates for completion of State Revenue Office requirements.