austini
05-05-2005, 10:17 AM
Hi gang,
Was scanning the papers today and noticed an article about changes in the recent VIC budget to Land Tax. I don't know how accurate the reporting is but it appears that owners of properties held in multiple trusts might be affected. It does seem that over time both State and Federal Gov't are determined to further crack down on trusts. I must admit that there are times as a low risk party I occasionally get more nervous about having assets in the trust as opposed to my own name. But then again I like to have something to worry about :eek:
"One other point of interest arising from Brumby's latest effort was what he described as "compliance measures" directed against trusts.
This seems to be aimed at folk who have put multiple property holdings into trusts to avoid the aggregation effects of land tax.
This new measure designed to extract more tax from them was causing some heartburn around the traps yesterday."
Cheers - Gordon
Was scanning the papers today and noticed an article about changes in the recent VIC budget to Land Tax. I don't know how accurate the reporting is but it appears that owners of properties held in multiple trusts might be affected. It does seem that over time both State and Federal Gov't are determined to further crack down on trusts. I must admit that there are times as a low risk party I occasionally get more nervous about having assets in the trust as opposed to my own name. But then again I like to have something to worry about :eek:
"One other point of interest arising from Brumby's latest effort was what he described as "compliance measures" directed against trusts.
This seems to be aimed at folk who have put multiple property holdings into trusts to avoid the aggregation effects of land tax.
This new measure designed to extract more tax from them was causing some heartburn around the traps yesterday."
Cheers - Gordon