Queensland Consolidated Acts

DUTIES ACT 2001 - SECT 98

98 Conditions for transfer or agreement for transfer of business property

(1) The conditions applying to a dutiable transaction mentioned in section 97 (1) (a) are as follows—

(a) the transferor or person directing the transfer is—

(i) if the business property is used to carry on a business of primary production—a defined relative of the transferee; or

(ii) otherwise—an ancestor of the transferee;

(b) the transferee does not acquire the business property as—

(i) trustee, other than as trustee of a trust for the beneficiaries mentioned in subsection (2) ; or

(ii) agent or nominee of another person;

(c) the business for which the business property is used is carried on by the defined relative or ancestor, whether alone or with others;

(d) the business is intended to be carried on by the transferee, whether alone or with others.

(2) For subsection (1) (b) (i) —

(a) the beneficiary of the trust is a minor, and—

(i) if the business property is used to carry on a business of primary production—the minor is a defined relative of the person creating the trust; or

(ii) otherwise—the minor is a descendant of the person creating the trust; and

(b) there are no other beneficiaries of the trust, other than a person who would become a beneficiary of the trust on the death of the beneficiary mentioned in paragraph (a) .