sec.52Contracted property and trust interests

### sec.52 Contracted property and trust interests For a trust, contracted property is taken to be dutiable property held by the trust. If a trust has made a purchase or sale agreement for a trust interest, the trust is taken to have an indirect interest in the trust-related dutiable property. For determining the dutiable value of a trust creation, trust termination, trust acquisition or trust surrender— a sale agreement made by the trustee is taken not to have been made; and a purchase agreement made by the trustee is taken to have been completed. Subsection (3A) applies if— contracted property, or an indirect interest in dutiable property mentioned in subsection (1A) , is included in determining the dutiable value of a trust creation, trust termination, trust acquisition or trust surrender; and afterwards, the sale agreement for the property or trust interest is completed or the purchase agreement for the property or trust interest is not completed. The commissioner must make a reassessment as if the contracted property or indirect interest were never held by the trust. For the reassessment, the parties liable to pay transfer duty on the trust creation, trust termination, trust acquisition or trust surrender must lodge the instruments required for the original assessment. In this section— purchase agreement includes an uncompleted agreement, whether or not conditional, for the acquisition of a trust interest through which the trust would have, if the agreement were completed, an indirect interest in dutiable property (the trust-related dutiable property ). sale agreement includes an uncompleted agreement, whether or not conditional, for the disposal of a trust interest through which the trust has an indirect interest in dutiable property (also the trust-related dutiable property ). s 52 amd 2002 No. 65 s 3 (2) sch ; 2010 No. 11 s 10 (sec.52-ssec.1) For a trust, contracted property is taken to be dutiable property held by the trust. (sec.52-ssec.1A) If a trust has made a purchase or sale agreement for a trust interest, the trust is taken to have an indirect interest in the trust-related dutiable property. (sec.52-ssec.2) For determining the dutiable value of a trust creation, trust termination, trust acquisition or trust surrender— a sale agreement made by the trustee is taken not to have been made; and a purchase agreement made by the trustee is taken to have been completed. (sec.52-ssec.3) Subsection (3A) applies if— contracted property, or an indirect interest in dutiable property mentioned in subsection (1A) , is included in determining the dutiable value of a trust creation, trust termination, trust acquisition or trust surrender; and afterwards, the sale agreement for the property or trust interest is completed or the purchase agreement for the property or trust interest is not completed. (sec.52-ssec.3A) The commissioner must make a reassessment as if the contracted property or indirect interest were never held by the trust. (sec.52-ssec.4) For the reassessment, the parties liable to pay transfer duty on the trust creation, trust termination, trust acquisition or trust surrender must lodge the instruments required for the original assessment. (sec.52-ssec.5) In this section— purchase agreement includes an uncompleted agreement, whether or not conditional, for the acquisition of a trust interest through which the trust would have, if the agreement were completed, an indirect interest in dutiable property (the trust-related dutiable property ). sale agreement includes an uncompleted agreement, whether or not conditional, for the disposal of a trust interest through which the trust has an indirect interest in dutiable property (also the trust-related dutiable property ). - (a) a sale agreement made by the trustee is taken not to have been made; and - (b) a purchase agreement made by the trustee is taken to have been completed. - (a) contracted property, or an indirect interest in dutiable property mentioned in subsection (1A) , is included in determining the dutiable value of a trust creation, trust termination, trust acquisition or trust surrender; and - (b) afterwards, the sale agreement for the property or trust interest is completed or the purchase agreement for the property or trust interest is not completed.