These are general guidelines for transactions involving a Declaration of Trust by Custodians pursuant to section 62B of the Duties Act. It also sets out exceptions where they are not able to be processed on EDR and must be submitted to us.
Section 62B, provides a concessional duty charge of $500 on a declaration of trust. It must be over dutiable property purchased or being purchased by a custodian (bare trustee), on behalf of a trustee of a self-managed superannuation fund (SMSF) and the conditions set out in section 62B must be met.
The declarations of trust are documented by trust deeds and are often referred to as:
The following complex assessments must be lodged with Revenue NSW.
The following information may assist the user when processing the assessment on EDR.
| Date of execution | Date of deed |
| Liable party | Custodian/bare trustee |
| Non-liable party | Self-managed superannuation fund trustee |
For information on how to stamp the documents refer to the Duties Notice of Assessment (NOA) and statement.
You are required to submit documents listed in the evidentiary requirements to support the assessment of a partition. All documentation must be obtained before an assessment can be made.
Pursuant to Part 8 Section 53 of the Taxation Administration Act 1996, EDR approval holders must retain records for a period of 5 years to confirm that the correct tax has been paid
This must include all documents listed in the evidentiary requirements, copies of all stamped documents and copies of any Duties Notice of Assessments issued.
Electronic Records – for audit purposes, we will accept electronic records. The records must be easy to access and read.
For more information on declarations of trusts by custodians refer to: Section 62B, Duties Act 1997.