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Establishment of a trust relating to unidentified property and non-dutiable property
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 information may assist the user when processing the assessment on EDR.
Non-dutiable property is typically described in the trust document as a settled sum, issued units or mortgage documents (security trust)
Unidentified property is typically described in the trust document as future property acquisitions, or an intention to secure and hold monies or documents
Trust documents between custodians and trustees of self-managed super funds cannot be assessed under section 58. Refer to the evidentiary requirements or section 62B, Duties Act, for further information
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.
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 refer to Section 58 of the Duties Act.
Footnotes
*Duty of $750 will be charged on the establishment of a trust relating to non-dutiable and unidentified property entered into on or after 1 February 2024.