Duties Act 2001

This section applies in relation to a dutiable transaction that is a transfer, or an agreement for the transfer, of small business property if—

a small business entity that is an individual transfers, or agrees to transfer, the property to a transferee corporation; and

the individual is a shareholder in the transferee corporation; and

the unencumbered value of the property the subject of the transfer or agreement is not more than $10m.

Transfer duty is not imposed on the dutiable transaction to the extent of the lesser of the following interests—

the individual’s ownership interest in the small business property immediately before the transfer or the agreement was entered into;

the individual’s share interest in the transferee corporation immediately after the transfer or the agreement was entered into.

Also, if the small business property includes a vehicle, vehicle registration duty is not imposed on an application to transfer the vehicle.

In this section—ownership interest, of an individual in small business property, is the interest, other than a beneficial interest, that the individual has in the property, expressed as a percentage.