Published on 01 Oct 14
by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
The duty consequences of a vesting of property in a new trustee on a change of trustee in complicated corporate structures are not always clear, and the relevant exemption/concessional provisions in the duties legislation of the states and territories are certainly not drafted harmoniously. The duty can of course be a significant cost in any commercial transaction. While all of the states and territories have one or more provisions exempting or providing for concessional duty, determining whether any of the exemptions or concessions are available can be a difficult task.
This article provides an overview of the concessional duty and exemption provisions on a vesting of property in a new trustee on the retirement of a trustee or the appointment of a new trustee of a trust. This article does not consider the stamp duty implications in respect of a change of trustee of a discretionary trust.
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