New South Wales Consolidated Acts
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DUTIES ACT 1997 - SECT 58
Establishment of a trust relating to unidentified property and non-dutiable property
58 Establishment of a trust relating to unidentified property and non-dutiable
property
(1) Duty of $750 is chargeable in respect of an instrument executed in New
South Wales that declares a trust over New South Wales property none of which
is dutiable property.
(2) Duty of $750 is chargeable in respect of an
instrument executed in New South Wales that declares that property, although
not identified in the instrument, when vested in the person executing the
instrument is to be held in trust for a person or persons or a purpose or
purposes mentioned in the instrument.
(2A) For subsections (1) and (2), an
instrument that is electronically signed under the Electronic Transactions
Act 2000 is taken to have been executed in New South Wales if-- (a) for a
trustee of the trust that is a corporation--the trustee's registered office or
principal place of business is in New South Wales, or
(b) for a trustee of
the trust that has an ABN--the trustee's registered business address is in New
South Wales, or
(c) otherwise--the principal place of residence of the
trustee of the trust is in New South Wales.
(3) It is immaterial whether or
not the beneficial owner or person entitled to appoint the property has joined
in or assented to the instrument.
(4) A liability for duty charged by this
section arises when the instrument is first executed.
(5) Duty charged by
this section is payable by the person declaring the trust.
(6) This section
does not apply in respect of any property that is a marketable security, if
the marketable security is not dutiable property.
(7) In this section--
"ABN" means the ABN (Australian Business Number) within the meaning of the
A New Tax System (Australian Business Number) Act 1999 of the Commonwealth.
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