Northern Territory Numbered Acts

STAMP DUTY AMENDMENT ACT 2005 (NO 29 OF 2005) - SECT 6

(1)     Section 8E(1) –

    insert (in alphabetical order)

"beneficiary" includes a person in whom the trustee may determine to vest the whole or part of the trust property and a person in whom the whole or part of the trust property vests if the trustee does not make such a determination;

"primary production" means –

    (a)     the growing or rearing of plants (including trees, fungi and any crop) for the purpose of selling them, parts of them or their produce; or

    (b)     the breeding, rearing or maintenance of living creatures for the purpose of –

        (i)     selling them (or their progeny) for food;

        (ii)     the production or collection of their skins, shells or bodily produce; or

        (iii)     selling parts of them or their skins, shells or bodily produce;

"scheme" has the same meaning as in section 4B(1) of the Taxation (Administration) Act ;

(2)     Section 8E(1), definition of "family member" –

    omit

    who conveys prescribed property, means –

    substitute

    means any of the following:

(3)     Section 8E(1), definition of "family member", paragraphs (e), (f) and (g) –

    omit , substitute

    (e)     a sibling of the person;

    (f)     a lineal descendant of a sibling of the person;

    (g)     the spouse of a family member referred to in paragraphs (b) to (f);

(4)     Section 8E(1), definition of "farming purposes", paragraph (a) –

    omit, substitute

    (a)     the business of primary production; or

(5)     Section 8E(2) –

    omit, substitute

    (2)     Subject to section 8F, if a natural person, company or trustee (whether a natural person or company) conveys prescribed property to one or more family members, family companies or family trusts in accordance with this section, stamp duty is not imposed on the instrument effecting the conveyance.

    (2A)     Subsection (2) applies if the conveyance of prescribed property is by a natural person who does not hold the property as trustee and the property is conveyed to one or more of the following:

    (a)     a family member of the conveyor if the family member will not hold the property as trustee;

    (b)     a company that will not hold the property as trustee if –

        (i)     all the shareholders are family members of the conveyor; and

        (ii)     no shareholder holds or will hold any shares in the company as trustee;

    (c)     a person who will hold the property as trustee if –

        (i)     all the beneficiaries of the trust are family members of the conveyor; and

        (ii)     the trust deed includes provisions, that cannot be altered, specifying only family members of the conveyor may be beneficiaries of the trust and no beneficiary may be the trustee of another trust.

    (2B)     Subsection (2) applies if the conveyance of prescribed property is by a company that does not hold the property as trustee (the "conveyor company") and the property is conveyed to one or more of the following:

    (a)     a family member of all the shareholders of the conveyor company if the family member will not hold the property as trustee;

    (b)     a company that will not hold the property as trustee (the "conveyee company") if –

        (i)     all the shareholders of the conveyee company are family members of all the shareholders of the conveyor company; and

        (ii)     no shareholder of the conveyee company holds or will hold any shares in that company as trustee;

    (c)     a person who will hold the property as trustee if –

        (i)     all the beneficiaries of the trust are family members of all the shareholders of the conveyor company; and

        (ii)     the trust deed includes provisions, that cannot be altered, specifying only family members of the shareholders of the conveyor company may be beneficiaries of the trust and no beneficiary may be the trustee of another trust.

    (2C)     Subsection (2) applies if the conveyance of prescribed property is by a person who holds the property as trustee of a trust (the "conveyor trust") and the property is conveyed to one or more of the following:

    (a)     a family member of all the beneficiaries of the conveyor trust if the family member will not hold the property as trustee;

    (b)     a company that will not hold the property as trustee if –

        (i)     all the shareholders are family members of all the beneficiaries of the conveyor trust; and

        (ii)     no shareholder holds or will hold any shares in the company as trustee;

    (c)     a person who will hold the property as trustee of a trust (the "conveyee trust") if –

        (i)     all the beneficiaries of the conveyee trust are family members of all the beneficiaries of the conveyor trust; and

        (ii)     the trust deed includes provisions, that cannot be altered, specifying only family members of the beneficiaries of the conveyor trust may be beneficiaries of the conveyee trust and no beneficiary may be the trustee of another trust.

(6)     Section 8E(3)(a) and (b) –

    omit , substitute

    (a)     if the Commissioner is satisfied the conveyance arises from a scheme with the principal purpose of taking advantage of the benefit of the exemption from stamp duty;

(7)     Section 8E(3)(c), after "property" –

    insert

    solely or principally

(8)     Section 8E(4) –

    omit

    same prescribed property to one or more family members

    substitute

    same, or part of the same, prescribed property in accordance with this section