8AAImposition of duty on acknowledgment of trust

8AA Imposition of duty on acknowledgment of trust

8AA Imposition of duty on acknowledgment of trust

(1) This Chapter also charges duty on the making of a statement that—

(a) purports to be a declaration of trust over dutiable property, but

(b) merely has the effect of acknowledging that identified property vested, or to be vested, in the person making the statement is already held, or to be held, in trust for a person or purpose mentioned in the statement.

(2) For the purpose of charging the duty—

(a) the making of the statement is taken to be a declaration of trust over dutiable property and, accordingly, is a dutiable transaction, and

(b) the property vested, or to be vested, in the person making the statement is taken to be the property transferred, and

(c) the person making the statement is taken to be the transferee, and

(d) the transfer is taken to occur when the statement is made.

s 8AA: Ins 2022 No 16, Sch 1[4].