sec.408Exemption—trustees

### sec.408 Exemption—trustees Transfer duty or vehicle registration duty is not imposed on a transfer, or agreement for the transfer, of dutiable property carried out for a corporate reconstruction if the following conditions are complied with— the transferor of the property holds the property as trustee for the beneficiaries of a fixed trust, including a unit trust; the transferor of the property holds at least 90% of the issued shares of the transferee as trustee for the beneficiaries or, for a unit trust, the unitholders; the conditions mentioned in section 406 (2) are complied with. See section 404 (How part applies to particular transactions). For subsection (1) , section 406 (2) and division 5 apply as if— a reference to the transferor of the property were a reference to the unitholders or beneficiaries; and the issued shares in the transferee held by the transferor were held other than as trustee. s 408 amd 2004 No. 18 s 20 (sec.408-ssec.1) Transfer duty or vehicle registration duty is not imposed on a transfer, or agreement for the transfer, of dutiable property carried out for a corporate reconstruction if the following conditions are complied with— the transferor of the property holds the property as trustee for the beneficiaries of a fixed trust, including a unit trust; the transferor of the property holds at least 90% of the issued shares of the transferee as trustee for the beneficiaries or, for a unit trust, the unitholders; the conditions mentioned in section 406 (2) are complied with. See section 404 (How part applies to particular transactions). (sec.408-ssec.2) For subsection (1) , section 406 (2) and division 5 apply as if— a reference to the transferor of the property were a reference to the unitholders or beneficiaries; and the issued shares in the transferee held by the transferor were held other than as trustee. - (a) the transferor of the property holds the property as trustee for the beneficiaries of a fixed trust, including a unit trust; - (b) the transferor of the property holds at least 90% of the issued shares of the transferee as trustee for the beneficiaries or, for a unit trust, the unitholders; - (c) the conditions mentioned in section 406 (2) are complied with. - (a) a reference to the transferor of the property were a reference to the unitholders or beneficiaries; and - (b) the issued shares in the transferee held by the transferor were held other than as trustee.