38ASpecial disability trusts

38A Special disability trusts

S. 38A(1) amended by No. 18/2023 s. 7(1).

(a) a declaration of trust that establishes a special disability trust; or

(b) a transfer of dutiable property to the trustee of a special disability trust—

in the circumstances set out in subsections (2), (3), (4) and (4A).

(2) The person declaring the trust, or the transferor of the dutiable property (as the case requires) must be an immediate family member of the principal beneficiary of the special disability trust.

(3) There must be no consideration provided for the declaration or transfer.

S. 38A(4) substituted by No. 18/2023 s. 7(2).

(4) The dutiable value of the property that is the subject of the declaration or transfer must not exceed—

(a) for dutiable property that is an interest in land to which a building is affixed that the principal beneficiary intends to use as their principal place of residence, $1 500 000; or

(b) for any other property, $500 000.

S. 38A(4A) inserted by No. 18/2023 s. 7(2).

(4A) For dutiable property referred to in subsection (4)(a), at the time of the transfer—

(a) the dutiable property must meet the building requirement in section 38AB; and

(b) it is intended that the principal beneficiary occupy the land in accordance with the residence requirement.

S. 38A(5) amended by No. 18/2023 s. 7(3).

(5) If, but for subsection (4), duty would not be chargeable in respect of a declaration of trust or transfer of dutiable property because of this section, duty is chargeable on the declaration or transfer only in respect of the dutiable value of the property that exceeds—

S. 38A(5)(a) inserted by No. 18/2023 s. 7(3).

(a) for subsection (4)(a), $1 500 000; or

S. 38A(5)(b) inserted by No. 18/2023 s. 7(3).

(b) for subsection (4)(b), $500 000.

S. 38A(6) def. of immediate family member amended by No. 50/2024 s. 15(a).

immediate family member of a principal beneficiary, means an individual—

(a) who is a natural parent, adoptive parent or step-parent of the principal beneficiary; or

(b) who is, or was when the principal beneficiary was under 18 years of age, a legal guardian of the principal beneficiary; or

(c) who is a grandparent of the principal beneficiary; or

(d) who is a sibling of the principal beneficiary.

S. 38A(6) def. of principal beneficiary amended by No. 46/2019 s. 10, repealed by No. 18/2023 s. 7(4).