New South Wales Repealed Acts New South Wales Repealed ActsThis legislation has been repealed.
(1) The following instruments are not to be charged with ad valorem duty as conveyances, namely:(a)(i) An instrument appointing a new trustee, or(ii) an instrument appointing an additional trustee, or(iii) an instrument by which a trustee retires from a trust without any new trustee being appointed in his place, or(iv) a declaration by an executor under section 11 of the Trustee Act 1925 .(b) A conveyance not made for valuable consideration and made to a beneficiary under and in conformity with the trusts contained in a conveyance, declaration of trust or other instrument on which ad valorem stamp duty imposed by an Act in force at the time of its execution has been paid or which, by an Act so in force, was exempt from stamp duty, but only to the extent that the conveyance to the beneficiary is a conveyance of property that the Chief Commissioner is satisfied is wholly or substantially the same as:(i) property that, at the time of the execution of the instrument containing the trusts, was held or to be held by the trustees upon those trusts and was property in respect of which that ad valorem duty was paid or that exemption applied,(ii) property representing the proceeds of re-investment of property referred to in subparagraph (i) of this paragraph, or(iii) property referred to in both subparagraph (i) and subparagraph (ii) of this paragraph.(c) An instrument made or executed bona fide by way of completion or confirmation of title whereby no greater benefit, legal or equitable, accrues to the person in whose favour the instrument is made or executed than he originally had or was entitled to have by virtue of some other instrument which is duly stamped with ad valorem duty as a conveyance or declaration of trust.(d) An instrument of appointment in favour of persons specially named or described as the objects of a power of appointment contained in a conveyance on which ad valorem stamp duty imposed by an Act in force at the time of its execution has been paid or which, by an Act so in force, was exempt from stamp duty, but only to the extent that property conveyed by exercise of the power of appointment is property that the Chief Commissioner is satisfied is wholly or substantially the same as:(i) property in respect of which that ad valorem duty was paid or that exemption applied, or(ii) property representing the proceeds of re-investment of property referred to in subparagraph (i), or(iii) property referred to in both subparagraph (i) and subparagraph (ii).(e) A conveyance whereby the apparent purchaser of property that is vested in him upon trust for the person who was the real purchaser and who has actually paid the purchase money therefor, conveys the same to the real purchaser.(f) A conveyance not made for valuable consideration and made to a beneficiary by a trustee under and in conformity with the trusts contained in a will or arising on an intestacy and in either case in respect of property on which death duty or duty under an Act imposing duties on the estates of deceased persons has been paid or which, by such an Act, is exempt from death duty or in respect of which no death duty is, by virtue of such an Act, chargeable.(g) A conveyance first executed on or after 19 July 1985, not made for valuable consideration and made to a beneficiary by a trustee, being a conveyance of property the subject of a trust for sale contained in a will and in respect of property on which death duty or duty under an Act imposing duties on the estates of deceased persons has been paid or which, by such an Act, is exempt from death duty or in respect of which no death duty is, by virtue of such an Act, chargeable.
(1A) For the purposes of this section, paragraph (4) (b) of the matter appearing in the Second Schedule under the heading “Conveyances of any Property” and paragraph (4) of the matter appearing in the Second Schedule under the heading “Transfer of Shares”, where the amount of $200 duty chargeable pursuant to paragraph (2) (a) of the matter appearing in the Second Schedule under the heading “Declaration of Trust” is paid in respect of an instrument, ad valorem stamp duty shall, to the extent of that amount, be deemed to have been paid on the instrument.
(2) In each of the aforesaid cases the instruments not chargeable with ad valorem duty are to be charged with the duty of $10.
(2A) Where a conveyance made for nominal consideration is consequential upon the making of a decision which is recorded in writing and which has the same effect as an instrument referred to in subsection (1) (a) (i), (ii) or (iii) or the execution of such an instrument (whether the trust affected by the instrument is expressed or implied) the duty with which the conveyance is to be charged is $2 if:(a) where, by the decision or the instrument upon the execution of which the conveyance is consequential, a new or additional trustee is appointed-the conveyance, upon taking effect, would operate to vest the trust property for which the new or additional trustee is appointed in the persons who become and are the trustees for performing the trust, or(b) where, by the decision or the instrument upon the execution of which the conveyance is consequential, a trustee retires-the conveyance, upon taking effect, would operate to vest in the continuing trustee alone the trust property that was vested jointly in the trustee who retired and the continuing trustees,and the Chief Commissioner is satisfied:(c) that, subject to subsection (2AA) of this section, none of the persons who, after the appointment of a new or additional trustee by the decision or the instrument upon the execution of which the conveyance is consequential, are the trustees for performing the trust is, or can become, a beneficiary under the trust, or(d) that, subject to subsection (2AA) of this section, none of the continuing trustees remaining after the retirement of a trustee pursuant to the decision or the instrument upon the execution of which the conveyance is consequential is, or can become, a beneficiary under the trust.
(2AA) A reference in subsection (2A) (c) or (d) of this section to trustees (whether as trustees for performing a trust or as continuing trustees) does not include a reference to:(a) the Public Trustee,(b) a trustee company within the meaning of the Trustee Companies Act 1964 ,(c) a corporation that is constituted under the law of another State or of a Territory of the Commonwealth and, in the opinion of the Chief Commissioner, corresponds in that State or Territory to the Public Trustee or a trustee company referred to in paragraph (b) of this subsection, or(d) the trustees of a fund which is a complying superannuation fund or which, in the opinion of the trustees, will become a complying superannuation fund within 12 months after the execution of the instrument referred to in subsection (1) (a) (i), (ii) or (iii).
(2AB) Where the Chief Commissioner is not satisfied as provided by subsection (2A) (c) or (d) of this section, the duty chargeable on a conveyance of property that is consequential upon the making of a decision which is recorded in writing and which has the same effect as an instrument referred to in subsection (1) (a) (i), (ii) or (iii) or the execution of such an instrument and that has the operation referred to in subsection (2A) (a) or (b) of this section is the same duty as would be chargeable if the conveyance were a conveyance to a beneficiary under and in conformity with the trusts to which the decision or the instrument relates except that, where that duty is ad valorem stamp duty, it is not chargeable in relation to property that the Chief Commissioner is satisfied is wholly or substantially property subject to those trusts in respect of which ad valorem stamp duty has previously been paid on the instrument creating the trusts or under this subsection or is property representing the proceeds of reinvestment of any such property.
(2AC) Where:(a) duty pursuant to subsection (2AB) of this section has been paid on a conveyance of property that is consequential upon the making of a decision which is recorded in writing and which has the same effect as an instrument referred to in subsection (1) (a) (i), (ii) or (iii) or the execution of such an instrument and has the operation referred to in subsection (2A) (a) or (b) of this section, and(b) under and in conformity with the trusts to which the decision or the instrument relates the property subject to the trusts is vested in a beneficiary (other than a trustee for performing those trusts) by an instrument on which duty under section 73 (2) or ad valorem duty has been paid, or which is exempt from duty,the Chief Commissioner shall refund the amount of duty referred to in paragraph (a) of this subsection, less 1 dollar.
(2AD) A conveyance not made for valuable consideration is chargeable with a duty of $2 if it is made to the trustees appointed (otherwise than pursuant to a decision which is recorded in writing and which has the same effect as an instrument referred to in subsection (1) (a) (i), (ii) or (iii) or such an instrument) to perform the trusts created by an instrument on which ad valorem stamp duty imposed by an Act in force at the time of its execution has been paid or which, by an Act so in force, was exempt from stamp duty but only to the extent that the property comprised in the conveyance to the trustees is the same property as the property in respect of which ad valorem duty was paid on that instrument or in respect of which that exemption applied.
(2AE) A conveyance of a marketable security or a unit in a unit trust scheme or of a right to acquire a marketable security or a unit in a unit trust scheme, being a conveyance which the Chief Commissioner is satisfied:(a) does not result in changing the persons who have a beneficial interest in the property conveyed, and(b) does not result in any such person acquiring a legal or a greater interest in that property, and(c) is not made in contemplation of any change in a beneficial interest in that property,is not to be charged with ad valorem duty as a conveyance but is to be charged with duty of $2.
(2AF) A conveyance of a marketable security or a unit in a unit trust scheme or of a right to acquire a marketable security or a unit in a unit trust scheme is not to be charged with ad valorem duty as a conveyance but is to be charged with duty of $10, if the Chief Commissioner is satisfied that the conveyance:(a) conveys the same property previously conveyed in a conveyance not subject to ad valorem duty because of subsection (2AE), and(b) conveys the property to the person who has the beneficial interest in the property conveyed and who had the beneficial interest at the time of that previous conveyance.
(2B) An instrument on which duty is payable:(a) under paragraph (7) of the matter appearing in the Second Schedule to this Act under the heading “Conveyances of any Property”, or(b) under paragraph (5) or (6) of the matter appearing in the Second Schedule to this Act under the heading “Transfer of Shares”,is not to be charged with ad valorem duty as a conveyance except to the extent, if any, provided in those paragraphs.
(3) Nothing in this section shall be deemed to exempt any of such instruments from liability to any other duty to which it is or may be liable under this Act, or to extend to any instrument referred to in paragraph (2) of the matter appearing in the Second Schedule under the heading “Declaration of Trust”.