QLD Land Tax Threshold for Trust?

Hi all,

Just wondering if you get a new land tax threshold in QLD with a disc trust (individual trustee)?

The QLD gov website is a bit confusing with regard to this.

Thanks

 

Why individual trustee?

 

Set it up in a rush and couldn't get corporate trustee sorted.

I would have to re-finance to change to corporate trustee which is costly and a PITA. Currently weighing up whether this is worthwhile or not.

Next trust I set up will be corporate trustee (for developments)

 

Yes a trustee gets a separate threshold for land held on trust.

 

In Qld, don’t use the same trustee for similar trust otherwise they will be amalgamated for Land Tax purposes.

In other words, they will only have the one threshold.

That is my understanding. Happy to be corrected.

 

Or just make sure the second trust has different beneficiaries.

 

So John Smith has a threshold and then John Smith ATF Smith Property Trust has a new threshold in QLD Terry?

I'm assuming Smith Pty Ltd ATF Smith Property Trust has a new entity as well, even if John Smith is sold Director of that company?

 

Yep, that’s my understanding.

We have multiple trusts, each with their own separate trustee company, all with the same directors. Each trust has its own separate threshold.

 

s 20
LAND TAX ACT 2010 - SECT 20 Separate assessment of trust land

 

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