54Change in trustees

#### 54 Change in trustees 54 Change in trustees > > (1) In this section— > > > > dutiable trust property means dutiable property that is trust property. > > > > licensed trustee company means a licensed trustee company within the meaning of Chapter 5D of the [Corporations Act 2001](http://www.legislation.gov.au/) of the Commonwealth. > > > > new trustee means a trustee appointed in substitution for a trustee or a trustee appointed in addition to a trustee or trustees. > > > > responsible entity means a responsible entity within the meaning of the [Corporations Act 2001](http://www.legislation.gov.au/) of the Commonwealth. > > > > special trustee means— > > > > > (a) a licensed trustee company in its capacity as trustee or administrator of a deceased estate, and > > > > > (b) the trustee of a complying superannuation fund, within the meaning of section 42 of the [Superannuation Industry (Supervision) Act 1993](http://www.legislation.gov.au/) of the Commonwealth, in its capacity as trustee of that fund. > > > (2) Duty of $100 is chargeable in respect of a transfer of dutiable trust property to a special trustee as a consequence of the retirement of a trustee or the appointment of a new trustee. > > > (2A) Duty of $100 is chargeable in respect of a transfer of dutiable trust property to any of the following as a consequence of the retirement of a trustee or the appointment of a new trustee if the Chief Commissioner is satisfied that the transfer is not part of a scheme to avoid duty that involves conferring an interest, in relation to the dutiable trust property, on a new trustee or any other person (whether or not as a beneficiary) so as to cause any person to cease holding the whole or any part of a beneficial interest (or potential beneficial interest) in that property— > > > > > (a) a licensed trustee company that is not a special trustee, > > > > > (b) a trustee of a self managed superannuation fund, > > > > > (c) a trustee of a special disability trust. > > > (3) Duty of $100 is chargeable in respect of a transfer of dutiable trust property to a person (other than to a licensed trustee company, a special trustee, a trustee of a self managed superannuation fund or a trustee of a special disability trust) as a consequence of the retirement of a trustee or the appointment of a new trustee if the Chief Commissioner is satisfied that, as the case may be— > > > > > (a) none of the continuing trustees remaining after the retirement of a trustee is or can become a beneficiary under the trust, and > > > > > (b) none of the trustees of the trust after the appointment of a new trustee is or can become a beneficiary under the trust, and > > > > > (c) the transfer is not part of a scheme to avoid duty that involves conferring an interest, in relation to the dutiable trust property, on a new trustee or any other person (whether or not as a beneficiary) so as to cause any person to cease holding the whole or any part of a beneficial interest (or potential beneficial interest) in that property. > > > > If the Chief Commissioner is not so satisfied, the transfer is chargeable with the same duty as a transfer to a beneficiary under and in conformity with the trusts subject to which the property is held, unless subsection (3A) applies. > > > (3A) Duty of $100 is chargeable in respect of a transfer of dutiable trust property as a consequence of the retirement of a responsible entity of a managed investment scheme or the appointment of a new responsible entity of a managed investment scheme if the Chief Commissioner is satisfied that the only beneficial interest acquired by a person in relation to the dutiable trust property as a result of the transfer is a beneficial interest acquired by the replacement or new responsible entity solely because of its appointment as responsible entity for the scheme. > > > (3B) Duty of $100 is chargeable in respect of a vesting of land in New South Wales by, or expressly authorised by, statute law (as referred to in section 8 (1) (b) (vii)) in a person or responsible entity if the Chief Commissioner is satisfied that subsection (2), (2A), (3) or (3A) would apply in respect of the dutiable transaction if it were a transfer of dutiable property. > > > (4) Duty of $100 is chargeable in respect of a transfer of dutiable trust property to a responsible entity if the Chief Commissioner is satisfied that the transfer is necessary to enable an undertaking that existed before the commencement of Chapter 5C of the [Corporations Law](/view/html/inforce/current/sl-1999-0703) to become a registered scheme within the meaning of Division 11 of Part 11.2 of the [Corporations Law](/view/html/inforce/current/sl-1999-0703) (as continued in effect by section 1408 of the [Corporations Act 2001](http://www.legislation.gov.au/) of the Commonwealth). > > **s 54:** Am 1998 No 44, Sch 1 \[9\]; 1998 No 63, Sch 1 \[1\] \[2\]; 1998 No 104, Sch 2 \[11\]; 1999 No 10, Sch 2 \[1\]–\[3\]; 2000 No 51, Sch 2 \[1\]; 2001 No 34, Sch 4.14 \[2\] \[3\]; 2005 No 51, Sch 1 \[6\]; 2008 No 122, Sch 1.2 \[5\]; 2009 No 49, Sch 2.22; 2009 No 51, Sch 1.5 \[10\]; 2009 No 109, Sch 2.2 \[1\] \[2\]; 2010 No 46, Sch 1.3 \[3\]–\[6\]; 2010 No 118, Sch 1 \[1\]; 2014 No 19, Sch 1 \[1\]; 2017 No 11, Sch 1 \[12\]–\[15\]; 2023 No 26, Sch 1\[1\].