Instead, the trustee or the trustees of the trust own the land on behalf of the trust and its beneficiaries. This is why only the trustee’s name is shown on the title.
As soon as a trust property is acquired, we send a Notice of Trust Acquisition to the Land Tax office that advises of the non-beneficial ownership of the land by the trustee. This will ensure that the trustee is not personally assessed for applicable Land Tax, instead the trust (or superannuation fund) will be assessed as a separate entity.
For more information about Trust property and acquisition, you may contact Glenferrie Conveyancing in Northcote on 03 9815 2351.