Security trust acquisition or surrender exemption (s.121) interactive help

Does the transaction acquire, surrender or vary a member's interest in a trust?

Yes
No

Does the trust operate as a security trust, with the rights of each financier set out in the trust deed?

Yes
No

Does the trust hold dutiable property in Queensland that consists of land, chattels or business assets?

Yes
No

Does the trust hold dutiable property in Queensland that consists solely of existing rights of a mortgage, charge, bill of sale or other security over dutiable property in Queensland?

Yes
No

Were the existing rights given to the trustee for the sole purpose of being held for the benefit of the beneficiaries who have provided, or will provide, financial accommodation?

Yes
No

For example, loans or letters of credit.

Are the rights held by the trustee for the benefit of all the beneficiaries of the trust?

Yes
No

Not exempt

Based on the information that you have provided, the transaction is not exempt under section 121 of the Duties Act 2001.

The exemption only applies for trust acquisitions or surrenders of a member’s trust interest in a security trust.

Next steps

For audit purposes, you must keep:

a completed dutiable transaction statement (Form D2.2)
a copy of the trust deed for the syndicate
a copy of any other subsequent amending deeds.

You must keep all records for 5 years in accordance with section 118 of the Taxation Administration Act 2001.

Your file reference:

Client name:

Transaction number:

Name:

Date:

Exempt

Based on the information that you have provided, the transaction is exempt under section 121 of the Duties Act 2001.