Stamp duty consequences on a change in trustee - pretty simple, right?
Source: Taxation In Australia Journal Article
Published Date: 1 Oct 2014
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.
Sorry, this is subscriber only content.
To gain access to this material and much more - Subscribe Now.
(Note: Members can access Taxation in Australia journal articles without a Tax Knowledge Exchange subscription - please log in to access).
Already a Subscriber? Login now
Details
- Published By: Sarah Shaw
- Published On:1 Oct 2014
The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
The Tax Institute
(ABN 45 008 392 372 (PRV14016))
("TTI")
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
Copyright Statement
All materials provided on this site are protected by copyright and are owned by or licensed to TTI.
Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.
Tags
Share this page