DUTIES ACT 1997 - SECT 57
Property passing to beneficiaries
DUTIES ACT 1997 - SECT 57
Property passing to beneficiaries
57 Property passing to beneficiaries
(1) Duty of $100 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, subject to subsections (2) and
(3).
(2) Subsection (1) applies only to the extent that the property being
transferred is property that the Chief Commissioner is satisfied is--
(a)
wholly or substantially the same as the property the subject of the
declaration of trust and that--
(i) duty charged by this Chapter has been paid
in respect of the declaration of trust over that property, or
(b) dutiable property
representing the proceeds of re-investment of property referred to 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.