(1) Transfer duty or vehicle registration duty is
not imposed on a transfer, or agreement for the transfer, of dutiable property
carried out for a corporate reconstruction if the following conditions are
complied with—
(a) the transferor of the property holds the property as
trustee for the beneficiaries of a fixed trust, including a unit trust;
(b)
the transferor of the property holds at least 90% of the issued shares of the
transferee as trustee for the beneficiaries or, for a unit trust, the
unitholders;
(c) the conditions mentioned in section 406(2) are complied
with.
Note—
See section 404(How part applies to particular transactions).
(2) For subsection (1) , section 406(2) and division 5 apply as if—
(a) a
reference to the transferor of the property were a reference to the
unitholders or beneficiaries; and
(b) the issued shares in the transferee
held by the transferor were held other than as trustee.
