Northern Territory Consolidated Acts Northern Territory Consolidated Acts56BAC. Imposition of duty where change in beneficiary and trustee under discretionary trust
(1) Subject to this section, if:
(a) a change in control of a corporate beneficiary under a discretionary trust and a change in control of the discretionary trust occur within a 12-month period; and
(b) the changes arise from one transaction or one series of transactions or substantially from one transaction or one series of transactions;
the changes in control together constitute a conveyance occurring on the date of the later of the changes.
(2) The conveyance is to be regarded as a conveyance for the reconstitution of the trust and is to be assessed for duty as a conveyance of all the dutiable property subject to the trust.
(3) The beneficiary subject to the change in control, and all the trustees, are jointly and severally liable for the duty imposed on the conveyance.
(4) However, duty is not payable if the Commissioner is satisfied that the concurrent or consecutive changes in control are not a tax avoidance scheme or part of a tax avoidance scheme.