Deed of Variation – Exclude Foreign Person

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Deed of Variation - Exclude Foreign Persons

Update your discretionary trust to exclude foreign person from $220. The Deed of Variation amends a discretionary trust to exclude any foreign beneficiaries who are classified as a foreign person under the current relevant law from receiving distributions of income or capital from the trust. This document serves to exclude any foreign person who is not named as a beneficiary. Once the deed has been executed, the variation is irrevocable and cannot be amended in the future.

Why exclude Foreign Persons?

Various state governments in Australia have introduced tax surcharges for foreign persons who hold or acquire interests in property within a particular jurisdiction. If you are a foreign purchaser and you acquire property, as well as land transfer duty you may have to pay foreign purchaser duty (additional duty) or surcharge land tax. Surcharges include:

  • Surcharge Land Tax (NSW)
  • Surcharge Purchaser Duty (NSW)
  • Foreign Person Additional Duty (VIC)
  • Foreign Investor Duty Surcharge (TAS)

What is a Foreign Person?

The definition of foreign persons is formulated by various laws. You may be a foreign person if you meet the requirements of these acts:

  • Land Tax Act 2005 (Vic)
  • Duties Act 2000 (Vic)
  • Duties Act 2001 (Qld)
  • Land Tax Act 1956 (NSW)
  • Duties Act 1997 (NSW)
  • Duties Act 2001 (Tas)
  • Foreign Acquisitions and Takeovers Act 1975 (Cth)

What are the limitations this deed of variation?

Issues that may not be contemplated by drafting a deed of variation may include:

  • Consideration as to whether a foreign person has control over the trust. This may include their position as a trustee, appointor or director/shareholder of a trust.
  • Should the trust deed contain named or specified beneficiaries that are foreign beneficiaries, legal advice is required. It is not sufficient that named beneficiaries are merely prevented from receiving distributions, e.g. through a general clause excluding foreign persons from being beneficiaries.
  • All unpaid entitlements to foreign beneficiaries may need to be reviewed
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Documents included with the Deed of Variation - Exclude Beneficiaries Package

  • Deed of Variation – Exclude Foreign Persons
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How much does it cost to exclude foreign beneficiaries?
The deed of variation to exclude foreign persons starts from $220. Includes all documentation and minutes ready to be downloaded in PDF format. We offer an optional printing service that will provide you with your documents delivered to your door.
How long does it take to prepare the deed of variation?
The order form for a deed of variation usually takes about 5 minutes to complete. Once your order is submitted, a member of staff will review the information you have provided within 1 business day. Once your order completes, the PDF copy of the documents will be available in minutes. We will send you an email confirmation that everything is ready.
What information do you need to complete the deed of variation?
Our complete checklist can be downloaded here.
Do I need to obtain a private ruling?
You must obtain independent legal advice on prior to executing this deed of variation. You should consider applying for a private ruling from the relevant revenue office. A ruling provides advice on the interpretation of legislation based on your specific situation. Rulings is based on request once you identify a tax technical or legislative issue which makes you uncertain of your liability. If a ruling is not obtained, the revenue office may impose a surcharge in the future.
Should I seek legal advice?
The summary displayed on this page is for information purposes only. Summary for deed of variation should be considered general in nature, and should not be a substitute for professional legal advice. You must always seek your own independent legal, financial and accounting advice about your unique situation.
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