I've been assigned as the trustee of a new trust. The trust involves some recently purchased land in Victoria.
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Answer by LegalEagle™ staff, Melbourne 3000 VIC
- Within one month of becoming a trustee you must lodge a ‘Notice of trust acquisition of an interest in land’ form with the State Revenue Office (SRO). If you don't do this you may have to pay a penalty tax liability of 25% on top of the additional tax which you would originally have been required to pay as trustee.