104SLiability for surcharge purchaser duty on certain trust-related transactions

104S Liability for surcharge purchaser duty on certain trust-related transactions

104S Liability for surcharge purchaser duty on certain trust-related transactions

(1) This section applies to a surcharge duty transaction that is—

(a) a transfer, or an agreement for the sale or transfer, of residential-related property where the transferee is acquiring the residential-related property in a trustee capacity, or

(b) a declaration of trust over residential-related property by a person who, because of the declaration, is a foreign trustee in respect of the trust.

(2) The transferee is only liable to pay surcharge purchaser duty on any such surcharge duty transaction if the transferee is a foreign trustee in respect of the trust.

(3) In applying the provisions of this Chapter to a surcharge duty transaction referred to in subsection (1) (a), the transferee is not to be treated as a foreign person unless the transferee is a foreign trustee.

Note.

For example, a trustee who is not a foreign trustee will not be liable for surcharge purchaser duty, even if the trustee is otherwise a foreign person.

ss 104K–104T: Ins 2016 No 32, Sch 1 [14].