Queensland Consolidated Acts Queensland Consolidated Acts(1) For a trust, contracted property is taken to be dutiable property held by the trust.
(2) For determining the dutiable value of a trust creation, trust termination, trust acquisition or trust surrender--
(a) a sale agreement made by the trustee is taken not to have been made; and
(b) a purchase agreement made by the trustee is taken to have been completed.
(3) If contracted property is included in determining the dutiable value of a trust creation, trust termination, trust acquisition or trust surrender and afterwards, the sale agreement for the property is completed or the purchase agreement for the property is not completed, the commissioner must make a reassessment as if the contracted property were never held by the trust.
(4) For the reassessment, the parties liable to pay transfer duty on the trust creation, trust termination, trust acquisition or trust surrender must lodge the instruments required for the original assessment.