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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
(ii) the declaration of trust is exempt from duty, 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.