22 May Land Tax Changes: Here They Come, Ready or Not
With new land tax provisions coming into effect on 1 July 2020, many land owners have already received letters from RevenueSA ‘requesting’ that they visit the RevenueSA portal to upload and/or confirm required information. For many, this may be a demanding and complex task, as required information may include details of trust arrangements (including supporting documents), details of related companies and various nominations. These letters 'request' taxpayers to log in to the portal by various dates in June 2020, so as to give RevenueSA more time to process the information. However, this is not compulsory by law. Relevant legislation provides the following: Trustees must disclose the existence of trust relationships by 31 July 2020. Trustees under discretionary trusts must nominate a designated beneficiary by 30 June 2021 or the ability to nominate may be lost.Trustees have until 30 June 2021 to nominate the beneficiaries of a fixed trust, or the unitholders of a unit trust, for the 2020/2021 land tax year. Accordingly, there is no legal requirement to log on to the portal and attend to the above matters immediately. That said, it may be beneficial to do so as early as possible, so as to give yourself sufficient time to plan for the upcoming changes (and in particular, what nominations can and should be made). For more details, see RevenueSA’s updated website and recent...
