Duties Act evidentiary requirements: Section 54, 54A
View complete list of evidentiary requirements.
Relevant evidentiary requirements must be provided when lodgements are made for assessment of duty.
Section 54
Change in trustees
In general:
- Original executed Transfer
- Copy of the executed stamped or endorsed Trust Deed
OR: executed and dated amendment and/or restatement of trust deed, confirmation of trust deed, acknowledgement of trust deed etc (that purports to be a declaration of trust, but merely acknowledges that identified property is already held, or to be held, in trust)
- Copy of all variations/amendments to the Trust/Trust Deed (if any) including previous deeds of change in trustee
- Copy of the current executed Deed of Appointment/Retirement of Trustee
- Provide the completed relevant Purchaser/Transferee Declaration Form:
- For sub-sections (2) and (2A) only:
- Certificate or a search from ATO’s Superfund look-up confirming the superannuation fund as a complying fund
- For sub-section (2), (2A) and (3) only:
- Copy of the stamped or endorsed contract when the property was purchased (See Revenue Ruling DUT 037)
- For sub-section (3) only:
- An irrevocable clause that is not subject to change within the Trust Deed that satisfies the conditions under section 54(3) that none of the continuing trustees remaining after the retirement of a trustee is or can become a beneficiary under the trust, and none of the trustees of the trust after the appointment of a new trustee is or can become a beneficiary under the trust
- For sub-section (3A) only: A statutory declaration by the responsible entity:
- stating that the named transferee is the new responsible entity, within the meaning of Corporations Act 2001, of the named registered managed investment scheme with ARSN [number]
- identifying of the interest in the dutiable property acquired by the new responsible entity
- For sub-section (3B) only
- Copy of the court order or statutory provision that vests the land
- Same requirements as for sub-sections (2), (2A), (3) or (3A) (whichever applies)
- For sub-section (4) only
- Original executed Transfer form
- A copy of the Trust Deed that established the managed investment scheme showing the date the Trust was established (this subsection only applies if the Trust came into being before the commencement of Chapter 5C of the Corporations Law; i.e. before 8 October 2001)
- A written explanation as to why the transfer is necessary to enable an undertaking that existed before the commencement of Chapter 5C of the Corporations Law
- A copy of the undertaking
- Documentary evidence to show that the transferee is the responsible entity of a registered scheme as at the date of the transfer
Note that:
- The Corporations Act 2001 (Cth) was proclaimed on 8 October 2001
- The Managed Investments Act 1998 (MIA) commenced on 1 July 1998, and introduced a new Chapter 5C into the Corporations Act 2001 (formerly known as the Corporations Law) governing the regulation of managed investment schemes
Section 54A
Transfers in relation to managed investment schemes
Subsection (1)
- Copy of the executed Transfer of dutiable property
- Statutory declaration by the custodian or agent stating:
- that the named transferor is the responsible entity, within the meaning of Corporations Act 2001, of the named registered managed investment scheme with ARSN [number], or
- that the named transferor is the person who held the dutiable property as a trustee of the named prescribed interest scheme within the meaning of the Corporations Law as in force immediately before 1 July 1998 when the scheme became a registered scheme within the meaning of Division 11 of Part 11.2 of the Corporations Law (as continued in effect by section 1408 of the Corporations Act 2001 of the Commonwealth), and
- that the named transferee is or will be holding the dutiable property as custodian or agent of the named registered managed investment scheme with ARSN [number] OR as custodian or agent of the named prescribed interest scheme for the named transferor
- The duly stamped declaration of trust (custodian deed)
- Purchaser/Transferee Declaration
See Revenue Ruling DUT 049 for further information.
Subsection (2)
- Copy of the executed Transfer of dutiable property
- Statutory declaration by the responsible entity stating:
- that the named transferor is the custodian of the named registered managed investment scheme with ARSN [number], and
- that the named transferee is the responsible entity, within the meaning of the Corporations Act 2001, of the named registered managed investment scheme with ARSN [number]
- The duly stamped declaration of trust deed (custodian deed)
- Purchaser/Transferee Declaration
See Revenue Ruling DUT 049 for further information.
Subsection (3)
- Copy of the executed instrument effecting the vesting of land
- Statutory declaration required for subsection (2)
- Copy of the statutory provision by which the land vested
- Purchaser/Transferee Declaration
See Revenue Ruling DUT 049 for further information.
Subsection (4)
- Copy of the executed Transfer of dutiable property
- Statutory declaration by the custodian stating:
- that the named transferor is the sub-custodian of the named registered managed investment scheme with ARSN [number], and
- that the named transferee is the custodian of the responsible entity, within the meaning of Corporations Act 2001, of the named registered managed investment scheme with ARSN [number]
- The duly stamped declaration of trust deed (sub-custodian deed)
Subsection (5)
- Copy of the executed Transfer of dutiable property
- Statutory declaration by the custodian stating:
- that the named transferor is the sub-custodian of the named registered managed investment scheme with ARSN [number], and
- that the named transferee is the custodian of the responsible entity, within the meaning of Corporations Act 2001, of the named registered managed investment scheme with ARSN [number]
- The duly stamped declaration of trust deed (sub-custodian deed) for the Transferee and all variations/amendments thereto to date to show that the Transferee is the Custodian of that wholly owned sub-trust.
- Evidence to show that the Transferor is a Trustee of a wholly owned sub-trust of a managed investment scheme.
- Confirm that the managed investment scheme which the Transferor is a wholly owned sub trust is a registered, de-registered or unregistered managed investment scheme.
- Copy of the executed managed investment scheme deed and all variations/amendments thereto to date.
- Confirm that the managed investment scheme owns 100% of all the securities of the Transferor Trust - the wholly owned test needs to be satisfied.
- A copy of the current unit/share register of the Transferor Trust.
- Purchaser/Transferee Declaration
See Revenue Ruling DUT 049 for further information.
Subsection (6)
- Copy of the executed Transfer of dutiable property
- Statutory declaration by the custodian stating:
- that the named transferor is the sub-custodian of the named registered managed investment scheme with ARSN [number], and
- that the named transferee is the custodian of the responsible entity, within the meaning of the Corporations Act 2001, of the named registered managed investment scheme with ARSN [number]
- The duly stamped declaration of trust deed (sub-custodian deed) for the Transferor and all variations/amendments thereto to date to show that the Transferor is the Custodian of that wholly owned sub-trust.
- Evidence to show that the Transferee is a Trustee of that wholly owned sub-trust of a managed investment scheme.
- Confirm that the managed investment scheme which the Transferee is a wholly owned sub trust is a registered, de-registered or unregistered managed investment scheme.
- Copy of the executed managed investment scheme deed and all variations/amendments thereto to date.
- Confirm that the managed investment scheme owns 100% of all the securities of the Transferee Trust - the wholly owned test needs to be satisfied.
- A copy of the current unit/share register of the Transferee Trust.
- Purchaser/Transferee Declaration
Subsection (7)
- Original executed Transfer of dutiable property.
- Information from ASIC to confirm the de-registration of the managed investment scheme.
- The duly stamped custody deed between the Responsible Entity and the Custodian, or
- if no custody deed, provide a statutory declaration from an authorised officer of the Responsible Entity/trustee, stating:
- that the named transferor was the custodian of the named registered managed investment scheme with ARSN [number], immediately before the de-registration of the managed investment scheme and
- that the named transferee was the responsible entity, within the meaning of the Corporations Act 2001, of the named registered managed investment scheme with ARSN [number], immediately before the de-registration of the managed investment scheme,
- Purchaser/Transferee Declaration
See Revenue Ruling DUT 049 for further information.