New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 54

54 Change in trustees

(1) In this section:
"new trustee" means a trustee appointed in substitution for a trustee or a trustee appointed in addition to a trustee or trustees.
"responsible entity" means a responsible entity within the meaning of the Corporations Act 2001 of the Commonwealth.
"special trustee" means:

(a) the NSW Trustee and Guardian, and

(b) a trustee company within the meaning of the Trustee Companies Act 1964 , and

(c) a corporation constituted under the law of another Australian jurisdiction that, in the Chief Commissioner’s opinion, corresponds in that jurisdiction to the NSW Trustee and Guardian or a trustee company referred to in paragraph (b), and

(d) the trustees of a fund that is a complying superannuation fund within the meaning of section 267 of the Commonwealth Income Tax Assessment Act 1936 or that, in the opinion of the trustees, will become a complying superannuation fund within 12 months after the execution of:

(i) an instrument appointing a new trustee, or

(ii) an instrument by which a trustee retires without a new trustee being appointed in place of the retiree.

(2) Duty of $50 is chargeable in respect of a transfer of dutiable property to a special trustee as a consequence of the retirement of a trustee or the appointment of a new trustee.

(3) Duty of $50 is chargeable in respect of a transfer of dutiable property to a person other than a special trustee as a consequence of the retirement of a trustee or the appointment of a new trustee, if the Chief Commissioner is satisfied that, as the case may be:

(a) none of the continuing trustees remaining after the retirement of a trustee is or can become a beneficiary under the trust, and

(b) none of the trustees of the trust after the appointment of a new trustee is or can become a beneficiary under the trust, and

(c) the transfer is not part of a scheme for conferring an interest, in relation to the trust property, on a new trustee or any other person, whether as a beneficiary or otherwise, to the detriment of the beneficial interest or potential beneficial interest of any person.

If the Chief Commissioner is not so satisfied, the transfer is chargeable with the same duty as a transfer to a beneficiary under and in conformity with the trusts subject to which the property is held, unless subsection (3A) applies.

(3A) Duty of $50 is chargeable in respect of a transfer of dutiable property as a consequence of the retirement of a responsible entity of a managed investment scheme or the appointment of a new responsible entity of a managed investment scheme if the Chief Commissioner is satisfied that the only beneficial interest acquired by a person in relation to the dutiable property as a result of the transfer is a beneficial interest acquired by the replacement or new responsible entity solely because of its appointment as responsible entity for the scheme.

(3B) Duty of $50 is chargeable in respect of a vesting of land in New South Wales by, or expressly authorised by, statute law (as referred to in section 8 (1) (b) (vii)) in a person or responsible entity if the Chief Commissioner is satisfied that subsection (2), (3) or (3A) would apply in respect of the dutiable transaction if it were a transfer of dutiable property.

(4) Duty of $50 is chargeable in respect of a transfer of dutiable property to a responsible entity if the Chief Commissioner is satisfied that the transfer is necessary to enable an undertaking that existed before the commencement of Chapter 5C of the Corporations Law to become a registered scheme within the meaning of Division 11 of Part 11.2 of the Corporations Law (as continued in effect by section 1408 of the Corporations Act 2001 of the Commonwealth).