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Sections: s33

Lodgement category: ELM

Circumstances/Transactions:

A transfer:

  • to a special trustee, 
  • to a person other than a special trustee, or
  • 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.

Evidence:

  1. Digital duties form for all contracts or agreements entered into on or after 1 July 2017. 
  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 are not required to be duly stamped.
  4. A copy of the duly stamped transfer to the transferor (the retiring trustee).
  5. A copy of the certificate of title showing when the transferor (the retiring trustee) was registered on title.
  6. A copy of the rate notice of the property being transferred.
  7. A copy of the financial statements of the trust showing when the property first became an asset of the trust.
  8. 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.
  9. A copy of the minutes of the retiring Company Trustee Director’s meetings showing the change of trustee.
  10. A statutory declaration by the transferee (the new trustee) attesting to:
    1. The capacity of the person making the declaration.
    2. 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.
    3. The circumstances in which the retiring trustee retired and the new trustee was appointed.
    4. 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.
    5. Details of any arrangement or agreements including any contract of sale entered into 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.
  11. A statutory declaration by the transferor (the retiring trustee) attesting to:
    1. The capacity of the person making the declaration.
    2. 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.
    3. The circumstances in which the retiring trustee retired and the new trustee was appointed.
    4. 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.
    5. Details of any arrangement or agreements including a contract of sale entered into 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.
  12. If the retiring trustee is a Company, and the property transferred is not shown as a trust asset, provide a copy of the:
    1. Company’s financial statements for the year in which the company first became registered on title, and
    2. Company’s financial statements for the year prior to the transfer. 

See Revenue Ruling DA.030