Does NTAA Corporate offer the option to exclude foreign beneficiaries for the purposes of the new foreign duty surcharge that applies in Tasmania from 1 July 2018?
Yes, we have deeds available that will exclude foreign persons that might otherwise be beneficiaries for this purpose. (There is a question relating to this on the online trust form so please complete this when ordering the trust establishment online.)
Note that, in relation to the ‘regular’ discretionary trust deed, all such persons are excluded from being beneficiaries at all, despite the fact that the Tasmanian legislation only looks at a foreign person’s ability to benefit from the “capital of the trust estate”.
However, because both the pedigree and the child maintenance trust separately define “capital beneficiaries”, for these Tasmanian deeds, we have only excluded foreign persons from being capital beneficiaries (and note further that, in relation to the child maintenance deed, this is probably unnecessary, since the children (and their LPRs) are the only capital beneficiaries under those deeds, anyway).