If you hold or intend to hold real estate in NSW via a Discretionary Trust and wish to avoid foreign persons surcharges then you need to review your Trust Deed and if necessary amend your Trust Deed before 31 December 2020.
Foreign person surcharge land tax is an annual tax and it applies to real estate in NSW which is held by foreign persons. Likewise, foreign person surcharge duty is an additional stamp duty which foreign persons pay, when they purchase property in NSW.
Even though you may be an Australian citizen or permanent resident, if you hold property via a discretionary trust, then you need to be aware that all discretionary trusts are deemed to be a foreign person unless the trust deed has specifically and irrevocably excluded foreign persons from being eligible beneficiaries of the trust.
The NSW Legislative Council passed the State Revenue Legislation Further Amendment Bill 2020 on 18 June 2020.
This legislation specifies that 31 December 2020 is the deadline for you to review your trust deed and potentially amend it to exclude foreign persons, in order to avoid the need to pay foreign person surcharge land tax and foreign person surcharge stamp duty.
Accordingly, assuming you are prepared to exclude foreign persons from being a beneficiary of your trust, then you should review and where necessary have your Trust Deed amended before the deadline of 31 December 2020.