Frank Legal is now a member of PEXA.
Business & Corporate: Your family trust is probably affected by the 'foreign persons' surcharge’. Your Trust deed should be reviewed
Family trusts are often created for the purpose of protecting assets and minimising tax liabilities. However, the Office of State Revenue (OSR) has recently made a ruling which will have the opposite effect, namely increasing potential tax liabilities for the beneficiaries of a Family Trust. Family Trust Deeds which include ‘foreign persons’ in the list of beneficiaries are now liable for a Land Tax and Stamp Duty surcharge on sales or purchases of NSW residential land.
In all aspects of business, preparation is key. This extends to selling your business. When thinking of selling your business, it is important to prepare before you seek a potential buyer. This creates the best chance of reaching a profitable outcome.
Retail leases are governed by the Retail Leases Act 1994 ('RLA'). This Act promotes fair and effective leasing relationships between tenants and landlords.