Trust exemption - transfer duty

[bubbleroo]

https://www.osr.qld.gov.au/duties/transfer-duty/exemptions-and-concessions/trust-exemptions.shtml

Can anyone clarify this point for transfer duty in Qld please.

We got 3 properties in 1 trust & looking to transfer 1 to own name (the partner of the trustee)

if I understand it right under the link above.

Under title " Trust acquisition or surrender in family trust"

If trustee does not benefit from transfer then no duty apply ?

 

[RPI]

Unfortunately no.

It is not a distribution of an asset to a beneficiary that is a trust acquisition or surrender. It is if you become a beneficiary or you cease to become a beneficiary. It relates to a deed of amendment of a discretionary trust where the trust holds dutiable property both before and after the change.

s57-59 ish of the duties act outlines these definitions.

Bare Trusts are completely different, I am assuming you are referring to a discretionary trust.

 

[Terry_w]

Trust acquisitions or surrenders involves changing the beneficiaries of a trust.

s123 could mean exempt transfer to a beneficiary in limited circumstances.

 

[bubbleroo]

Thank you Darryl & Terry.