104ZDDeceased estates where trusts under will are varied

104ZD Deceased estates where trusts under will are varied

104ZD Deceased estates where trusts under will are varied

(cf section 63 (2) and (2A))

(1) This section applies if a transfer of residential-related property is made by a legal personal representative of a deceased person to a foreign beneficiary under an agreement (whether or not in writing) between the foreign beneficiary and one or more other beneficiaries to vary the trusts contained in a will of the deceased person or arising on intestacy.

(2) For the purposes of calculating surcharge purchaser duty on the transfer, the dutiable value of the residential-related property is to be reduced by the portion of the dutiable value that is referable to the residential-related property to which the foreign beneficiary had an entitlement arising under the trusts contained in the will or arising on intestacy.

(3) A transmission application made in respect of residential-related property by a beneficiary under a will, with the consent of the legal personal representative of a deceased person, is taken, for the purposes of this section, to be a transfer of residential-related property by the legal personal representative to the beneficiary.

(4) In this section—

foreign beneficiary means a beneficiary who is a foreign person.

ch 2A, pt 2 (ss 104Z–104ZD): Ins 2016 No 32, Sch 1 [14].