Australian Capital Territory Consolidated Acts

DUTIES ACT 1999 - SECT 58

    (1)     Subject to subsections (2) and (3), duty of $20 is chargeable in respect of a transfer for no consideration of dutiable property to a beneficiary made under and in conformity with the trusts contained in a declaration of trust.

    (2)     Subsection (1) applies only to the extent that the property being transferred is property that the commissioner is satisfied is—

        (a)     wholly or substantially the same as the dutiable property the subject of the declaration of trust and that—

              (i)     duty charged by this Act has been paid in respect of the declaration of trust over that property; or

              (ii)     the declaration of trust is exempt from duty; or

        (b)     dutiable property representing the proceeds of reinvestment of property mentioned in paragraph (a); or

        (c)     property to which both paragraphs (a) and (b) apply.

    (3)     Subsection (1) applies only if the transferee was a beneficiary at the time at which duty became chargeable in respect of the declaration of trust.