Revenue SA is reminding taxpayers and their advisers that where land was acquired by a discretionary trust on or before 16 October 2019, the discretionary trust has until 31 December 2021 to nominate a designated beneficiary.
If a designated beneficiary is nominated, land tax will be assessed at general land tax rates. If a designated beneficiary is not nominated, or if the notice is submitted after 31 December 2021, land tax will be assessed at the higher trust land tax rates.
You can nominate a designated beneficiary by completing a Trust Notification Advice. Nominations must be made by 31 December 2021.
The designated beneficiary must complete a Nomination and Acceptance as Beneficiary for a Discretionary Trust Statutory Declaration (PDF 206 KB) which must be signed before and witnessed by a Justice of the Peace, a Commissioner for Taking Affidavits or a Notary Public.