232DDeceased estates

232D Deceased estates (1) Duty under this Act is not payable in relation to the following: (a) a transfer of dutiable property not made for valuable consideration by the legal personal representative of a deceased person to a beneficiary if the commissioner is satisfied that the transfer is— (i) a transfer made under and in conformity with the trusts contained in the will of the deceased person or arising on an intestacy; or (ii) a transfer of property the subject of a trust for sale contained in the will of the deceased person; (b) a consent by a legal representative of a deceased person if the commissioner is satisfied that the consent is to a transmission application by a beneficiary; (c) a transmission application to a devisee if the commissioner is satisfied the devisee is also the sole legal representative;

(d) a chapter 3 transaction made consequent on the death of a person if the transferor is the executor of the will of the deceased person, the administrator of the estate of the deceased person or a beneficiary of the will or estate of the deceased person; (e) an application to register a motor vehicle made by— (i) a person in whom an interest in the vehicle has vested as a personal representative of a deceased person in whose name the vehicle was registered in the ACT; or (ii) a person who has become beneficially entitled to the vehicle following the death of a person in whose name the vehicle was registered in the ACT; or (iii) a person who has become beneficially entitled to the vehicle by a right of survivorship following the death of a former joint owner if, at the time of the death of the former joint owner, the vehicle was registered in the ACT. (2) Subsection (3) applies to a transfer of dutiable property in relation to which duty is payable under chapter 2 (Transactions concerning dutiable property) if the commissioner is satisfied that the transfer is made under, but only partly in conformity with, a trust contained in the will of a deceased person or arising on an intestacy (the trust).

(3) The dutiable value of the property is worked out as follows: X − Y X means, if all the dutiable property were transferred in conformity with the trust, the unencumbered value of the property. Y means the unencumbered value of the express beneficial interest in the property transferred in conformity with the trust. Example—dutiable value Under a will, Brad is entitled to a 2/3 share in a house and Josh is entitled to a 1/3 share. The unencumbered value of the house is $480 000. Josh and Brad agree that Brad will buy Josh’s share in the house. With the consent of Josh and Brad, the legal personal representative of the deceased person under the will transfers the whole of the interest in the house to Brad. The commissioner determines that the unencumbered value of the express beneficial interest in the property transferred to Brad in conformity with the trust under the will is $320 000. The dutiable value of the transfer is $160 000. (4) For subsection (3), a person does not have an express beneficial interest in property the subject of a discretionary trust. interest— (a) means a proprietary interest; and (b) includes an entitlement to a proprietary interest under the will, or on the intestacy, of a deceased person.