36BProperty passing to unitholders in unit trust schemes

36B Property passing to unitholders in unit trust schemes (1) No duty is chargeable under this Chapter in respect of a transfer of dutiable property that is subject to a unit trust scheme (***the principal scheme***) to a unitholder in the scheme if— (a) the duty (if any) charged by this Act in respect of the dutiable transaction that resulted in the dutiable property becoming subject to the principal scheme has been paid or the Commissioner is satisfied that the duty will be paid; and (b) the unitholder was a unitholder at the relevant time; and (c) the transfer is in accordance with subsection (2); and (d) the dutiable value of the property transferred as a proportion of the net assets of the principal scheme does not exceed the value of that proportion of the net assets of the principal scheme represented by the unitholding of the unitholder in the principal scheme at the relevant time; and (e) as a result of the transfer, the value of the unitholder's unitholding in the principal scheme is reduced by the same amount as the dutiable value of the property transferred; and (f) the Commissioner is satisfied that any duty charged as a result of the occurrence of a dutiable transaction referred to in section 7(1)(b)(vi) in relation to the property has been paid; and (g) the Commissioner is satisfied that the transfer is not part of a sale or other arrangement under which there exists any consideration for the transfer. (2) The transfer must be— (a) to the unitholder absolutely, if the unitholder is— (i) a natural person; or (ii) a corporation all the shareholders of which are natural persons who were shareholders of the corporation at the relevant time; or (b) to the unitholder as trustee of a fixed trust all the beneficiaries of which are— (i) natural persons who were beneficiaries of that fixed trust at the relevant time; or (ii) a corporation all the shareholders of which are natural persons who were shareholders of the corporation at the relevant time— being natural persons or a corporation that do not hold their interests in the fixed trust as trustee of another trust; or (c) to the unitholder as trustee of a discretionary trust of which all the beneficiaries are— (i) natural persons who were relevant beneficiaries of that discretionary trust at the relevant time or who became beneficiaries after the relevant time by reason of— (A) becoming a spouse or domestic partner of a beneficiary within a class of beneficiary described in the discretionary trust; or (B) becoming an adopted child or step child of, or being a lineal descendant of, a beneficiary within a class of beneficiary described in the discretionary trust; or (C) being an adopted child, step child or lineal descendant of a person referred to in sub‑subparagraph (A); or (ii) a corporation all the shareholders of which are natural persons who were shareholders of the corporation at the relevant time— being natural persons or a corporation that do not hold their rights, entitlements or interests in the discretionary trust as trustee of another trust; or (d) to the unitholder as trustee of another unit trust scheme of which all the unitholders are— (i) natural persons who were unitholders of that other unit trust scheme at the relevant time; or (ii) a corporation all the shareholders of which are natural persons who were shareholders of the corporation at the relevant time— being natural persons or a corporation that do not hold their units in that other unit trust scheme as trustee of another trust; or (e) to the unitholder as trustee of a superannuation fund all the beneficiaries of which were beneficiaries at the relevant time. (3) If a unitholder would be entitled to an exemption from duty under subsection (1) but for subsection (1)(d), the unitholder is entitled to a concession from duty in respect of that proportion of the dutiable value of the dutiable property that does not exceed that proportion of the net assets of the scheme represented by the unitholding of the unitholder in the principal scheme at the relevant time. (4) A reference in this section to dutiable property becoming or first becoming subject to a unit trust scheme includes a reference to property from which that dutiable property was derived, by subdivision or consolidation of titles, becoming or first becoming subject to the scheme at a time when the unitholder was a unitholder in the principal scheme. ***relevant beneficiary*** of a discretionary trust means a natural person who— (a) was a beneficiary of that trust at the relevant time; or (b) became a beneficiary of that trust after the relevant time by reason of— (i) becoming a spouse or domestic partner of a beneficiary within a class of beneficiary described in the discretionary trust; or (ii) becoming an adopted child or step child of, or being a lineal descendant of, a beneficiary within a class of beneficiary described in the discretionary trust; or (iii) being an adopted child, step child or lineal descendant of a person referred to in subparagraph (i); ***relevant time*** in relation to dutiable property that is subject to the principal scheme, means the time at which the property first became subject to the principal scheme; ***superannuation fund*** has the same meaning as in section 41A. S. 36C inserted by No. 84/2006 s. 3.