New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 54

54 Change in trustees

(1) In this section:
"licensed trustee company" means a licensed trustee company within the meaning of Chapter 5D of the Corporations Act 2001 of the Commonwealth.
"new trustee" means a trustee appointed in substitution for a trustee or a trustee appointed in addition to a trustee or trustees.
"responsible entity" means a responsible entity within the meaning of the Corporations Act 2001 of the Commonwealth.
"special trustee" means:

(a) a licensed trustee company in its capacity as trustee or administrator of a deceased estate, and

(b) the trustee of a complying superannuation fund, within the meaning of section 42 of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth, in its capacity as trustee of that fund.

(2) Duty of $50 is chargeable in respect of a transfer of dutiable property to a special trustee as a consequence of the retirement of a trustee or the appointment of a new trustee.

(2A) Duty of $50 is chargeable in respect of a transfer of dutiable property to a licensed trustee company (that is not a special trustee), to a trustee of a self managed superannuation fund, or to a trustee of a special disability trust, as a consequence of the retirement of a trustee or the appointment of a new trustee, if the Chief Commissioner is satisfied that the transfer is not part of a scheme for conferring an interest, in relation to the trust property, on a 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.

(3) Duty of $50 is chargeable in respect of a transfer of dutiable property to a person other than a licensed trustee company, a special trustee or trustee of a special disability trust as a consequence of the retirement of a trustee or the appointment of a new trustee, if the Chief Commissioner is satisfied that, as the case may be:

(a) none of the continuing trustees remaining after the retirement of a trustee is or can become a beneficiary under the trust, and

(b) none of the trustees of the trust after the appointment of a new trustee is or can become a beneficiary under the trust, and

(c) the transfer is not part of a scheme for conferring an interest, in relation to the trust property, on a 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.

If the Chief Commissioner is not so satisfied, the transfer is chargeable with the same duty as a transfer to a beneficiary under and in conformity with the trusts subject to which the property is held, unless subsection (3A) applies.

(3A) Duty of $50 is chargeable in respect of a transfer of dutiable property as a consequence of the retirement of a responsible entity of a managed investment scheme or the appointment of a new responsible entity of a managed investment scheme if the Chief Commissioner is satisfied that the only beneficial interest acquired by a person in relation to the dutiable property as a result of the transfer is a beneficial interest acquired by the replacement or new responsible entity solely because of its appointment as responsible entity for the scheme.

(3B) Duty of $50 is chargeable in respect of a vesting of land in New South Wales by, or expressly authorised by, statute law (as referred to in section 8 (1) (b) (vii)) in a person or responsible entity if the Chief Commissioner is satisfied that subsection (2), (2A), (3) or (3A) would apply in respect of the dutiable transaction if it were a transfer of dutiable property.

(4) Duty of $50 is chargeable in respect of a transfer of dutiable property to a responsible entity if the Chief Commissioner is satisfied that the transfer is necessary to enable an undertaking that existed before the commencement of Chapter 5C of the Corporations Law to become a registered scheme within the meaning of Division 11 of Part 11.2 of the Corporations Law (as continued in effect by section 1408 of the Corporations Act 2001 of the Commonwealth).