Any fellow lawyers know who the land tax is attributable to in a corporate trust situation?
Is it the corporate trustee or the beneficiaries?
I'm suspecting in a discretionary trust it would have to be the corporate trustee, since the beneficial ownership of the asset is not even clear in a discretionary trust.
But what about in a unit trust? It would be pretty easy to apportion the land tax onto the beneficiaries, which would obviously be an issue if the beneficiaries holds other assets subject to land tax.
Might flick through some old books but my property law material's quite out of date. Perhaps I can find the answer easily if I go to Melb Uni's law library...?
Is it the corporate trustee or the beneficiaries?
I'm suspecting in a discretionary trust it would have to be the corporate trustee, since the beneficial ownership of the asset is not even clear in a discretionary trust.
But what about in a unit trust? It would be pretty easy to apportion the land tax onto the beneficiaries, which would obviously be an issue if the beneficiaries holds other assets subject to land tax.
Might flick through some old books but my property law material's quite out of date. Perhaps I can find the answer easily if I go to Melb Uni's law library...?
