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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 information may assist the user when processing the assessment on EDR.
The provisions under section 62B apply to trust deeds executed on or after 23 October 2014.
For the provisions of 62B to apply, ad valorem duty must be paid for the acquisition of the property by the custodian or SMSF trustee or section 62A applied to that acquisition and the fixed duty is paid.
The purchase money for the acquisition of the property must be provided by the SMSF.
You are required to submit documents listed in the evidentiary requirements to support the assessment of a declaration of trust. All documentation must be obtained before an assessment can be made.
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.