Duties update and draft revenue ruling open for consultation until 6 November 2020

Declarations of trust

We have changed our evidentiary requirements in respect of trusts relating to non-dutiable property. 

While previously Duties Online (DOL) users needed the original trust instrument when lodging, they can also now have a physical or scanned full copy of the original executed trust instrument.

Our evidentiary requirements manual has accordingly been updated in relation to s37(1) and (2) transactions under the Duties Act 2000.

Valuations of land

Our website now clarifies that while the Commissioner is prepared to receive letters of appraisal as evidence of value for duty purposes, there are circumstances when more information or a formal valuation may be required in addition to a letter of appraisal.

Economic entitlements

Additional information has been added to our economic entitlements webpage to clarify how the acquisition of shares in companies, or units in unit trust schemes, can result in the acquisition of an economic entitlement in relation to land under Part 4B of Chapter 2 of the Duties Act 2000.

Draft land development revenue ruling - have your say

This draft ruling sets out the actions and activities that the Commissioner considers will constitute land development for the purpose of the Duties Act 2000. The ruling is open for consultation and your comments are welcome until 5pm Friday 6 November 2020 (this is an extension to the original closing date of 6 October 2020).