The land tax component is getting severe for property banking of this sort. Most of Melb’s accountants are in panic mode right now with their property investor/developer clients going apeshit over the new requirements. Especially when their trusts need to have a specific ‘no benefit to foreign residents’ requirement bolted on. There are five different pieces of legislation that discriminate benefits from trusts/super funds going to foreign residents - and the definition of foreign resident is very very broad when you look at all the five Acts.