Queensland Land Tax: Do you have a Foreign Trust Subject to a Land Tax Surcharge?

Queensland Treasury has issued a ruling on Foreign Trusts:

Public Ruling LTA000.3.1 Foreign Corporations and Foreign Trusts—Interests of Foreign Persons and Related Persons  -  see here: 

In terms of a Discretionary Trust being a Foreign Trust the Commissioner notes:

Discretionary Trusts

1. A Discretionary Trust will not necessarily be a Foreign Trust merely because one of its default beneficiaries is a Foreign Person.
2. Whether a Discretionary Trust with a Foreign Person as a default beneficiary is a Foreign Trust will depend on the facts and circumstances of each matter. The Commissioner will consider the likelihood of distribution to a foreign person, taking into account the terms of the Trust Deed concerning any priority or proportion for sharing between default beneficiaries.

The LightYear Docs Non-Foreign Persons Trust Deed excludes ALL foreign beneficiaries.  You can find where to locate the document to upgrade a current Discretionary Trust below:  

Upgrade of Discretionary Trust to a Non-Foreign Person Discretionary Trust: You can find this document when logging into your account and clicking on the Document Wizard in Templates / Trusts Maintenance / Discretionary Trusts Exempt from Foreign or simply search: 'Upgrade of Discretionary Trust to a Non-Foreign Person Discretionary Trust'.

Please be advised this is general information only, and is not to be taken as legal advice. If you would like more information, or have a legal query, please contact Abbott & Mourly directly.
Reviewed: 17/01/2024