Duties Act 2001

A trust of dutiable property is created if a person, who has acquired property other than as trustee, starts to hold the property as trustee.

Also, a trust of dutiable property is created if all the following apply—

a person holds dutiable property on trust (trust 1);

the person is also trustee of another trust (trust 2);

the person ceases to hold the dutiable property as trustee of trust 1 and starts to hold the dutiable property as trustee for trust 2;

when the person starts to hold the dutiable property as trustee for trust 2—

a person who has a trust interest for the dutiable property under trust 2 did not have a trust interest for that property when it was held for trust 1; or

a person who has a trust interest for the dutiable property under trust 2 had a trust interest for that property when it was held for trust 1 and that person’s trust interest increases.

Note—Section 498 includes provision about references to dutiable property.