When there is a disposition of a share in an unlisted corporation (other than one declared to be an authorised trustee corporation under the Corporations Act 2001) which is the trustee of a discretionary trust that directly or indirectly holds property under the trust, provide:
- the transaction record (such as share disposition record)
- the relevant transfer duty statement
- a completed Foreign Transfer Duty Declaration Form
- full details regarding the total issued shares in the corporate trustee, including details of the respective rights and obligations pertaining to the shares
- complete financial statements for the trust as at the date of disposition or as at 30 June nearest that date
- complete financial statements for the linked entity as at the date of disposition or as at 30 June nearest that date if
- the trust’s assets include an interest in any one of the following linked entities
- a listed corporation or a listed unit trust scheme in which the trustee has a 90% or greater interest
- an unlisted corporation or an unlisted unit trust scheme in which the trustee has a 50% or greater interest
- another discretionary trust of which the trustee is a potential beneficiary or
- a partnership of which the trustee is a partner and has contributed, or is required to contribute, 50% or more of the capital of that partnership, or is required to bear 50% or more of the losses of that partnership and
- the linked entity is entitled to dutiable property
- the trust’s assets include an interest in any one of the following linked entities
- full details of the reasons why the share is being disposed of, including copies of all documents relating to the transaction in any manner whatsoever
- any other relevant information that may assist in the assessment of duty.
Note: This information is not required where the disposition is to a beneficiary pursuant to the administration of the estate of a deceased person.
An assessment of duty will not be issued until all required information is provided.
