sec.413IExemption—transfer of small business property from trustee to transferee corporation with sole shareholder

### sec.413I Exemption—transfer of small business property from trustee to transferee corporation with sole shareholder This section applies in relation to a dutiable transaction that is a transfer, or an agreement for the transfer, of small business property if— the trustee of a small business entity that is a discretionary trust transfers, or agrees to transfer, the property of the entity to a transferee corporation; and the trustee is the sole shareholder in the transferee corporation; and the unencumbered value of the property the subject of the transfer or agreement is not more than $10m; and the rights and interests of the small business beneficiaries of the trust immediately before the transfer or the agreement was entered into are the same immediately after the transfer or the agreement was entered into. Transfer duty is not imposed on the dutiable transaction. Also, if the small business property includes a vehicle, vehicle registration duty is not imposed on an application to transfer the vehicle. In this section— small business beneficiary , of a discretionary trust, means— a default beneficiary of the trust; or a person entitled to income or property from the trust on appointment by the trustee of the trust. s 413I ins 2022 No. 14 s 6 (sec.413I-ssec.1) This section applies in relation to a dutiable transaction that is a transfer, or an agreement for the transfer, of small business property if— the trustee of a small business entity that is a discretionary trust transfers, or agrees to transfer, the property of the entity to a transferee corporation; and the trustee is the sole shareholder in the transferee corporation; and the unencumbered value of the property the subject of the transfer or agreement is not more than $10m; and the rights and interests of the small business beneficiaries of the trust immediately before the transfer or the agreement was entered into are the same immediately after the transfer or the agreement was entered into. (sec.413I-ssec.2) Transfer duty is not imposed on the dutiable transaction. (sec.413I-ssec.3) Also, if the small business property includes a vehicle, vehicle registration duty is not imposed on an application to transfer the vehicle. (sec.413I-ssec.4) In this section— small business beneficiary , of a discretionary trust, means— a default beneficiary of the trust; or a person entitled to income or property from the trust on appointment by the trustee of the trust. - (a) the trustee of a small business entity that is a discretionary trust transfers, or agrees to transfer, the property of the entity to a transferee corporation; and - (b) the trustee is the sole shareholder in the transferee corporation; and - (c) the unencumbered value of the property the subject of the transfer or agreement is not more than $10m; and - (d) the rights and interests of the small business beneficiaries of the trust immediately before the transfer or the agreement was entered into are the same immediately after the transfer or the agreement was entered into. - (a) a default beneficiary of the trust; or - (b) a person entitled to income or property from the trust on appointment by the trustee of the trust.