New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 58

58 Establishment of a trust relating to unidentified property and non-dutiable property

(1) Duty of $500 is chargeable in respect of an instrument executed in New South Wales that declares a trust over New South Wales property none of which is dutiable property.

(2) Duty of $500 is chargeable in respect of an instrument executed in New South Wales that declares that property, although not identified in the instrument, when vested in the person executing the instrument is to be held in trust for a person or persons or a purpose or purposes mentioned in the instrument.

(3) It is immaterial whether or not the beneficial owner or person entitled to appoint the property has joined in or assented to the instrument.

(4) A liability for duty charged by this section arises when the instrument is first executed.

(5) Duty charged by this section is payable by the person declaring the trust.

(6) This section does not apply in respect of any property that is a marketable security, if the marketable security is not dutiable property because of section 11 (2).