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Sections: s38A

Lodgement category: SRO

Circumstances/Transactions:

A declaration of trust that establishes a special disability trust or a transfer of dutiable property for the same purpose for no consideration.

Where the dutiable value of the property that is a subject of the declaration exceeds $500,000, duty is chargeable only in respect of the dutiable value of the property that exceeds $500,000.  If the dutiable property is not gifted by an immediate family member, this exemption does not apply. 

Evidence:

For a declaration of trust, the following evidence is required:

  1. The original executed special disability trust (SDT) deed.
  2. A letter from Centrelink confirming the beneficiary and SDT's current eligibility status.
  3. A statutory declaration by the trustee declaring the following:
    1. Whether the creation of the SDT involved declaring a trust over any dutiable property.
      1. If so, state whether the dutiable property held by the trust was gifted by an immediate family member, and if so, identify their relationship to the principal beneficiary, or
      2. state whether any consideration passed between the trustee of the SDT and the other party, and
      3. whether the value of any dutiable property held by the trust exceeds $500,000.
         
  4. Evidence of the value of the property (other than cash) held by the special disability trust (if any) as at the date of the declaration, by one of the following:
    1. a letter of appraisal from a licensed real estate agent and a copy of the Rate Notice; or
    2. a valuation by a certified practising valuer who is a member of the API or by a member of the REIV with sworn valuer accreditation; or
    3. In circumstances where a letter of appraisal or sworn valuation could not be obtained, complete SRO Duties Form 3 (Real property value statutory declaration). This form requires and explanation of the steps taken to obtain either the appraisal or valuation.