Is the NTAA Corporate unit trust a "family unit trust" for NSW land tax purposes?
Whether a trust will be a "family unit trust" for NSW land tax purposes or not depends more upon the circumstances of the individual trust, rather than the deed.
However, in relation to the definition of a "family unit trust", the unitholders (with ordinary units) under our deed are entitled to a fixed proportion of any distribution of income or capital of the trust, made by the trustee, based on the proportion of income or capital units which each person owns in the trust.
Note that we are not sure that new trusts can be family unit trusts.
The definition of "family unit trust" can be found in Schedule 1AA of the Land Tax Management Act 1956 (NSW):
We should reiterate that we do not provide advice about state taxes (or any taxes) and do not warrant that a particular product is suitable for a particular person or purpose, so specialist advice should be sought before utilising any of our products to ensure they are suitable for any contemplated purpose.