Change of trustee

A transfer:

• to a special trustee solely because of the retirement of a trustee or the appointment of a new trustee
• to a person other than a special trustee because of the retirement of a trustee or the appointment of a new trustee and in order to vest the property in the trustees for the time being entitled to hold it
• as a consequence of the retirement of a responsible entity or appointment of a new responsible entity of a managed investment scheme.

This exemption does not apply in respect of mirror trusts.

Related guidance

• Trust exemptions
• Revenue Ruling DA-030 – Transfer of dutiable property solely because of a change in trustee

1. Digital Duties Form.
2. A copy of the deed of appointment of the new trustee and the deed of retirement of the retiring trustee.
3. A copy of the duly stamped trust deed together with any subsequent amendments. Superannuation fund trust deeds do not need to be duly stamped.
4. A copy of the certificate of title showing when the transferor (the retiring trustee) was registered on title.
5. A copy of the financial statements of the trust showing when the property first became an asset of the trust.
6. A copy of the last financial statements of the trust prepared prior to the transfer showing that the property is still an asset of the trust.
7. A copy of the minutes of the retiring company trustee director’s meetings showing the change of trustee.
8. A statutory declaration by the transferee (the new trustee) addressing the matters set out below:
   • The capacity of the person making the declaration.
   • The capacity in which the property will be held by the new trustee and the name of the trust or person for which the trustee is acting.
   • The circumstances in which the retiring trustee retired and the new trustee was appointed.
   • Whether the transfer of the dutiable property confers an interest in relation to the trust property on the new trustee or any other person, whether as a beneficiary or otherwise, to the detriment of the beneficial interest or potential beneficial interest of any person.
   • Details of any arrangement or agreements including any contract of sale entered with respect to the transfer of dutiable property between the retiring trustee and the new trustee or any other person associated with the trustees and whether any consideration was paid.
9. A statutory declaration by the transferor (the retiring trustee) addressing the matters set out below:
   • The capacity of the person making the declaration.
   • The capacity in which the property was held by the retiring trustee and the name of the trust or person for which the trustee was acting.
   • The circumstances in which the retiring trustee retired and the new trustee was appointed.
   • Whether the transfer of the dutiable property confers an interest in relation to the trust property on the new trustee or any other person, whether as a beneficiary or otherwise, to the detriment of the beneficial interest or potential beneficial interest of any person.
   • Details of any arrangement or agreements including a contract of sale entered with respect to the transfer of dutiable property between the retiring trustee and the new trustee or any other person associated with the trustees and whether any consideration was paid.
10. Where the new trustee is a company in which the old trustees are the directors, only one statutory declaration is required.
11. If the retiring trustee is a company, and the property transferred is not shown as an asset of the trust, provide a copy of:
    • the company’s financial statements for the year in which the company first became registered on title
    • the company’s financial statements for the year prior to the transfer.