Queensland Consolidated Acts Queensland Consolidated Acts(1) The conditions applying to a dutiable transaction mentioned in section 97(1)(b) are as follows—
(a) the partnership is a family partnership for the acquirer;
(b) the transferor or person directing the acquisition is an ancestor of the acquirer;
(c) the acquirer does not acquire the partnership interest as—
(i) trustee, other than as trustee of a trust for the beneficiaries mentioned in subsection (2); or
(ii) agent or nominee of another person;
(d) the business for which the business property is used is carried on by the ancestor with the other partners;
(e) the business is intended to be carried on by the acquirer, whether alone or with other partners.
(2) For subsection (1)(c)(i)—
(a) the beneficiary of the trust is—
(i) a descendant of the person creating the trust; and
(ii) a minor; and
(b) there are no other beneficiaries of the trust, other than a person who would become a beneficiary of the trust on the death of the beneficiary mentioned in paragraph (a).