DUTIES ACT 2008 (NO. 11 OF 2008) - SECT 67

DUTIES ACT 2008 (NO. 11 OF 2008) - SECT 67

67 .         Share disposition taken to be an agreement for the transfer of trust property

        (1)         A disposition of a share in a corporate trustee is taken to be an agreement for the transfer of dutiable property and is liable to duty accordingly if it is a transaction, or part of a transaction, that is a scheme or arrangement, or part of a scheme or arrangement, that results in a change in the beneficial ownership of dutiable property held directly or indirectly by the corporate trustee of a discretionary trust.

        (2)         Subsection (1) does not apply to the disposition of a share by which the personal representative of a deceased person disposes of a share to a beneficiary in the administration of the estate of the deceased.