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Revenue, Fines and Other Legislation Amendment Act 2023 guide

Chapters

  1. Overview
  2. Vesting of land
  3. When does a liability for duty arise?
  4. Aggregation of dutiable transactions
  5. Effect of alteration in purchase price
  6. Transfers in relation to managed investment schemes
  7. Property vested to an apparent purchaser
  8. Establishment of a trust relating to unidentified property and non-dutiable property
  9. Transfers of property in connection with persons changing superannuation funds
  10. Registered native title body corporates
  11. Valuation of property
  12. Changes to the Taxation Administration Act

8. Establishment of a trust relating to unidentified property and non-dutiable property

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Section 58 of the Duties Act 1997

Section 58 of the Duties Act 1997 was amended to include subsections 2(A) and (7).

Section 58(2A) provides that an instrument declaring a trust relating to unidentified property or non-dutiable property that is electronically signed is taken to have been executed in New South Wales in certain circumstances.

That is an electronic instrument is taken to have been executed in NSW if:

  1. for a trustee of the trust that is a corporation—the trustee’s registered office or principal place of business is in New South Wales, or
  2. for a trustee of the trust that has an ABN—the trustee’s registered business address is in New South Wales, or
  3. otherwise—the principal place of residence of the trustee of the trust is in New South Wales.

Section 58(7) defines the meaning of ABN (Australian Business Number) for the purpose of section 58 of the Duties Act 1997.

When does the change take effect?

Amendments made to this section of the Duties Act 1997 apply to transactions that occur on or after 4 September 2023.

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What are the evidentiary requirements?

Refer to the Duties Act evidentiary requirements: Section 58.

The evidentiary requirements include a link to the client identification requirements and forms for this transaction type.

How are these transactions processed?

There is no change to the processing this transaction type. These transactions will continue to be available via EDR.

More information about this transaction type and processing requirements can be found in the EDR guide: Establishment of a trust relating to unidentified property and non-dutiable property (section 58 of the Duties Act 1997).

Where can I find more information?

 

Note

Revenue rulings and CPNs impacted by this change are currently being reviewed. This guide will be updated once any updated rulings and CPNs become available. Existing Revenue rulings can be found on our Revenue rulings page.