STAMP DUTIES ACT 1923 - SECT 71CAA
STAMP DUTIES ACT 1923 - SECT 71CAA
71CAA—Special disability trusts
(1) In this
section—
"immediate family member" of a principal beneficiary, means a person—
(a) who
is a natural parent, adoptive parent or step-parent of the
principal beneficiary; or
(b) who
is, or was when the principal beneficiary was under 18 years of age, a
legal guardian of the principal beneficiary; or
(c) who
is a grandparent or step-grandparent of the principal beneficiary; or
(d) who
is a sibling or step-sibling of the principal beneficiary;
"principal beneficiary"—
(a) has
the meaning given in section 1209M(1) of the Social Security Act, in the
case of a special disability trust within the meaning of section 1209L of
that Act; or
(b) has
the meaning given in section 52ZZZWA(1) of the Veterans' Entitlements
Act, in the case of a special disability trust within the meaning of
section 52ZZZW of that Act;
"Social Security Act" means the Social Security Act 1991 of the
Commonwealth;
"special disability trust" means—
(a) a
special disability trust within the meaning of section 1209L of the
Social Security Act; or
(b) a
special disability trust within the meaning of section 52ZZZW of the
Veterans' Entitlements Act;
"Veterans' Entitlements Act" means the Veterans' Entitlements Act 1986
of the Commonwealth.
(2) The following
instruments are exempt from stamp duty in the circumstances set out in
subsections (3) to (6) (inclusive):
(a) a
declaration of trust that establishes a special disability trust;
(b) a
transfer of an interest in land to the trustee of a special disability trust.
(3) The person
declaring the trust, or the transferor of the interest in the land (as the
case may be), must be an immediate family member of the principal beneficiary
of the special disability trust.
(4) In the case of a
declaration of trust under subsection (2)(a), the trust must hold land
that constitutes the principal place of residence of the principal beneficiary
of the special disability trust, or must hold land that will so constitute the
principal place of residence of the principal beneficiary of the special
disability trust within 12 months of the declaration of trust.
(5) In the case of a
transfer of an interest in land under subsection (2)(b), land in respect
of which an interest is being transferred to the trustee of the
special disability trust must constitute the principal place of residence of
the principal beneficiary of the special disability trust, or the relevant
land must so constitute the principal place of residence of the
principal beneficiary of the special disability trust within 12 months of
the transfer.
(6) There must be no
consideration provided for the declaration or transfer.