(1)  Despite section 4B , a trust is not a foreign trust in respect of a dutiable transaction if –

(a) at the time of the dutiable transaction the trust was a foreign trust; and

(b) under the terms of the trust deed, a trustee has a power or discretion referred to in section 4B(3) in respect of the distribution of the capital of the trust estate; and

(c) a trustee of the trust, in his or her capacity as trustee, was a transferee in respect of the dutiable transaction; and

(d) the trust deed for the trust is amended –

(i) if the dutiable transaction occurred before the Duties Amendment Act 2020 received the Royal Assent, no later than 6 months after that Royal Assent; or

(ii) if the dutiable transaction occurred on or after the Duties Amendment Act 2020 received the Royal Assent, within 6 months after the dutiable transaction; and

(e) as a result of the amendment to the trust deed, the trust is not a foreign trust; and

(f) a trustee of the trust has not –

(i) transferred or distributed to a foreign person; or

(ii) entered into an agreement to transfer or distribute to a foreign person –

all, or any part of, the dutiable property that was the subject of the dutiable transaction.

(2)  If a trust is not a foreign trust in respect of a dutiable transaction by virtue of subsection (1) , the transferee may apply to the Commissioner, in writing, to reassess the duty payable under this Part on the dutiable transaction.

(3)  If the Commissioner receives an application under subsection (2) in respect of a dutiable transaction and the Commissioner is satisfied that the relevant trust is not a foreign trust in respect of the dutiable transaction, the Commissioner must –

(a) reassess the duty payable under this Part on the dutiable transaction as if, at the time the dutiable transaction occurred, the trust was not a foreign trust; and

(b) refund any amount of duty paid in respect of the dutiable transaction that is in excess of the amount so reassessed.

(4)  If –

(a) a trust is not a foreign trust in respect of a dutiable transaction by virtue of subsection (1) ; and

(b) the trust becomes a foreign trust again within the 3-year period after the dutiable transaction –

section 30H(2) , (3) , (4) and (5) apply to the dutiable transaction as if a reference in section 30H to a transferee referred to in subsection (1)(b) were a reference to each trustee of the trust.