These are general guidelines for the establishment of trust transactions that can be assessed on EDR. It also sets out exceptions where they are not able to be processed on EDR and must be submitted to Revenue NSW.
Pursuant to Section 58, Duties Act, duty of $500.00 is chargeable on the establishment of a trust relating to non-dutiable property, section 58(1) and unidentified property, section 58(2).
The documents that are typically assessed pursuant to these sections are often referred to as Discretionary/Family Trust Deeds, Unit Trust Deeds or Security Trust Deeds.
This paper provides a general guide to aid the processing of these transactions.
The following complex assessments must be lodged with Revenue NSW.
A declaration of trust over dutiable property for example, dutiable property is identified in the document as a Lot/DP or property address.
The following information may assist the user when processing the assessment on EDR.
|Document Type||Trust deed|
|Date of execution||Date of deed|
|Non-liable party||Settlor/Unit holder|
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. 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.