Duties Act 2001

The dutiable value of the relevant acquisition is the total of the amounts worked out by applying the acquirer’s share interest to the unencumbered value, when the liability for corporate trustee duty arises, of—

the dutiable property held on trust by the corporate trustee; and

any indirect interest in dutiable property held on trust by the corporate trustee.

For subsection (1)(b), the unencumbered value of an indirect interest of a corporate trustee under section 210(a) is the amount worked out by applying to the unencumbered value of the dutiable property held by the entity in which the corporate trustee has a trust interest or partnership interest the corporate trustee’s trust interest or partnership interest in the entity.

For subsection (1)(b), the unencumbered value of an indirect interest of a corporate trustee under section 210(b) is the amount worked out by—

first applying to the unencumbered value of the dutiable property held by the ultimate entity, the trust interest or partnership interest of the trust or partnership (the last beneficiary or partner) that is a beneficiary or partner of the ultimate entity; and

applying to the amount worked out under paragraph (a), and the unencumbered value of any dutiable property held by the last beneficiary or partner, the trust interest or partnership interest of the next trust or partnership in the series of trusts or partnerships that is a beneficiary or partner of the last beneficiary or partner; and

applying the calculation in paragraph (b) for each of the other trusts or partnerships in the series until the first entity’s trust interest or partnership interest is used in the calculation; and

applying to the amount last worked out under paragraph (c) and the unencumbered value of any dutiable property held by the first entity, the trust interest or partnership interest of the corporate trustee.

Schedule 4 contains an example of how the dutiable value of a relevant acquisition is worked out.

If the corporate trustee is trustee of more than 1 discretionary trust, the unencumbered value of the dutiable property of each trust and each indirect interest held on trust by the corporate trustee must be aggregated in working out the dutiable value of the relevant acquisition.