54Change in trustees

54 Change in trustees (1) In this section: new trustee means a trustee appointed in substitution for a trustee or a trustee appointed in addition to a trustee or trustees. (2) Duty under this chapter is not payable in relation to a transfer of dutiable property to a person as a consequence of the retirement of a trustee or the appointment of a new trustee, if the commissioner is satisfied that, as the case may be— (a) except for a responsible entity of a managed investment scheme—none of the continuing trustees remaining after the retirement of a trustee is or can become a beneficiary under the trust; and (b) except for a responsible entity of a managed investment scheme—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) except if a responsible entity of a managed investment scheme acquires a beneficial interest in the managed investment scheme solely as a consequence of its appointment as the responsible entity—the transfer is not part of a scheme for conferring an interest, in relation to the trust property, on a new trustee or any other person, whether as a beneficiary or otherwise, to the detriment of the beneficial interest or potential beneficial interest of any person; and

(d) the transfer is not made in connection with a tax avoidance scheme; and, if the commissioner is not so satisfied, the same duty is payable in relation to the transfer as a transfer to a beneficiary under and in conformity with the trusts subject to which the property is held. (3) Duty under this chapter is not payable in relation to a transfer of dutiable property to a responsible entity if the commissioner is satisfied that the transfer is necessary to enable an undertaking that existed before 1 July 1998 to become a registered scheme. (4) Duty under this chapter is also not payable in relation to a transfer of dutiable property to a person as a consequence of the retirement of a trustee or the appointment of a new trustee for a self managed superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993 (Cwlth).