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Land Tax Assessment due to Trust Type
Topic: Land Tax Assessment due to Trust Type
Posted: 31/July/2015 at 16:34
Ciao! We established a Family Trust some years ago in an attempt to protect my Mother-in-laws property in the event of her needing to go into aged care and to assist my Sister-in-law to secure a mortgage for a house close to her Mother to be able to care for her.
This was over 6 years ago and now we find the Accountant who advised us to do this gave us bad advice as the Trust is deemed "Special Trust" and as such the properties in it are assessed for Land Tax, even though both of them are principal places of residence.
Can anyone help me on how to deal with this? We have a huge Land Tax bill that we can not afford to buy unless we sell the homes of my mother-in-law and sister-in-law to repay the mortgages and provide enough cash to cover the land tax...... Any sort of help or assistance would be really greatly appreciated as we can't seem to understand what we can do from here.... Grazie
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