Legislation introduced to propose extension of Nomination Period
The Land Tax (Discretionary Trusts) Amendment Bill 2021, was introduced to State Parliament on Friday, 14 May 2021. This Bill proposes a 12 month extension to the time frame for trustees of eligible Discretionary Trusts to nominate a designated beneficiary, (from 30 June 2021 to 30 June 2022).
We will advise if legislation is passed.
UPDATE 28 May 2021
The Land Tax (Discretionary Trusts) Amendment Bill 2021, as amended and passed by the Upper House on 27 May 2021, now only extends the deadline by 6 months (not 12 months) from 30 June 2021 to 31 December 2021.
The Bill will go to the Lower House and be debated in the week beginning 7 June 2021.