Div 1Trusts 149

Division 1—Trusts 149 32XJ Definitions 149 32Y References to dutiable property 149 33 Change in trustees 150 34 Property vested in an apparent purchaser 151 35 Transfers to and from a trustee or nominee 154 35A Custodian transfers 155 36 Property passing to beneficiaries of fixed trusts 156 36A Property passing to beneficiaries of discretionary trusts 158 36B Property passing to unitholders in unit trust schemes 161 36C Effect of certain mortgages on trust exemptions 165 37 Establishment of a trust relating to unidentified property and non‑dutiable property 167 38 Exemptions from duty under section 37 167 38A Special disability trusts 168 38AB Building requirement—special disability trusts 171 38AC Residence requirement—special disability trusts 171 38AD Variation of residence requirement—special disability trusts 171 38AE Liability for duty if residence requirement not complied with—special disability trusts 172 38AF Trustee to notify Commissioner of change in circumstances—special disability trusts 173 Division 2—Superannuation 174 38B References to dutiable property 174 39 Instruments relating to superannuation 174 40 Transfer of property from one superannuation fund to another 175 41 Transfers to trustees or custodians of superannuation funds or trusts 176 41A Property passing to beneficiaries of superannuation funds 177 Division 3—Other general exemptions and concessions 178 41B References to dutiable property 178 42 Deceased estates 179 43 Marriage and domestic relationships—transfer of principal place of residence 179 43AA Circumstances in which consideration does not include a mortgage 180 43A Residence requirement for section 43 exemption 181 43B Variation of residence requirement for section 43 exemption 181 43C Liability for duty if residence requirement for section 43 exemption not complied with 182 43D Persons must notify Commissioner of change in circumstance—section 43 exemption 183 44 Breakdown of marriage and domestic relationships 184 45 Charities 188 45A Health centres and services 188 46 Co-operatives 190 47 Government bodies and diplomats 191 47A Transfer to Victorian Rail Track 192 48 Bankruptcies and administrations 194 48A Amalgamation of industrial organisations 195 49 Leases of residential sites in caravan parks 195 50A Conversion of land use entitlements to different form of title 196 Division 4—Exemptions and concessions in relation to land 197 50B References to dutiable property 197 51 Public rights of way 197 52 Government bodies 198 52A Joint government enterprise—water saving projects 198 53 Defence service homes 199 54 Joint tenants and tenants in common 199 55 Equity release programs 199 55A Shared equity arrangements 203 55B Commonwealth Help to Buy arrangements 203 56 Transfers of farms to relatives or charities 204 57 Subsequent transfer not dutiable if duty paid on lease 206 57A Land sold initially to financial institution and natural person and then leased to natural person 207 57B Land sold initially to financial institution and then re‑sold to natural person 207 57C Land sold initially to financial institution and then leased to natural person 208 57D Land sold initially to natural person, beneficial interest then transferred to financial institution 209 57E Change of financial institution 210 57F If the natural person dies 210 57FA Dealing with fixtures separately from land 211 57FB Calculation of duty for aggregated transactions involving fixtures and land 212 57FC Exemption or concession for new homes in City of Melbourne 213 Division 4A—Principal places of residence and first home buyers 215 57G Definitions 215 57H Land to which this Division applies 217 57I What is a PPR transfer? 217 57J Rates of duty for certain PPR transfers 219 57JA First home buyer exemption or concession on PPR transfers 220 57JB Requirements—first home buyers 221 57K Residence requirement 223 57L Variation of residence requirement 225 57M Liability for duty if residence requirement not complied with 227 57N Transferee to notify Commissioner of change in circumstances 229 Division 4B—Principal places of residence and persons with a disability 230 57O Definitions 230 57P Exemption for transfer of principal place of residence to person with a disability 230 57Q Qualifying requirement 231 57R Building requirement 232 57S Residence requirement 232 57T Variation of residence requirement 232 57U Liability for duty if residence requirement not complied with 233 57V Transferee to notify Commissioner of change in circumstances 234 Division 5—Pensioner and concession card and eligible first home owner exemptions and concessions 235 58AA Definitions 235 58 Who is an eligible cardholder? 236 59 Land to which an eligible cardholder exemption or concession may apply 237 60 Eligible cardholder exemption or concession 238 60AA Eligible cardholder exemption or concession requirements 239 60AAB Residence requirement 242 60AAC Variation of residence requirement 243 60AAD Liability for duty if residence requirement not complied with 244 60AAE Persons must notify Commissioner of change in circumstance 246 60A Election to receive exemption/concession 246 61 Who is an eligible first home owner? 249 62 Eligible first home owner exemption or concession where dwelling exists at the time of transfer 250 63 Eligible first home owner exemption or concession where dwelling is constructed after transfer 252 63A Temporary suspension of first home owner exemption or concession 253 63B Election to receive eligible first home owner exemption/concession or additional first home owner grant 253 64 Double duty for false or misleading statements 255 Division 5A—Commercial and industrial land in regional Victoria 256 64A Definitions 256 64B Reduction in duty in relation to eligible transfers 258 64C Calculation of duty for certain aggregated transactions 258 64D Election to receive reduction or other concession or exemption 260 64E Use requirement 260 64F Variation of use requirement 260 64G Liability for duty if use requirement not complied with 261 64H Transferee to notify Commissioner of change in circumstances 261 Division 6—Exemptions and concessions in relation to marketable securities 262 65 Co-operatives and co-operative housing societies 262 66 Loans and temporary transfers 262 67 Nomineeing transactions—unquoted marketable securities 263 68 Share buy-backs 264 69 Reduction of duty—payment in non-Australian jurisdiction 264 Division 7—Young farmers 264 69AA Definitions 264 69AB Disqualifying interest 266 69AC Primary production requirement 268 69AD Exemption or concession for young farmers 269 69AE Calculation of exemption or concession on transfer of single parcel of land or partial interest in single parcel of land 270 69AF Calculation of exemption on transfer of multiple parcels and partial interests of land 271 69AG Election to receive young farmer exemption/concession or principal place of residence concession 272 69AH Liability for duty if primary production requirement not complied with 273 69AI Farmer to notify Commissioner of change in circumstances 274