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—

the trustee of a small business entity that is a discretionary trust transfers, or agrees to transfer, the property of the entity to a transferee corporation; and

the trustee is the sole shareholder in the transferee corporation; and

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

the rights and interests of the small business beneficiaries of the trust immediately before the transfer or the agreement was entered into are the same immediately after the transfer or the agreement was entered into.

Transfer duty is not imposed on the dutiable transaction.

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—small business beneficiary, of a discretionary trust, means—

a default beneficiary of the trust; or

a person entitled to income or property from the trust on appointment by the trustee of the trust.