Change of trustee exemption (s.117) toolkit

• Select Transfer—other than land as the Transaction class.
• Select Vesting of dutiable property as the Type of dutiable transaction.
• Select Trust—dutiable property as the Type of dutiable property.
• When entering transferors and transferees, select Trust from the drop-down list and enter the trust name and trustee name in full.
• Enter Change of trustee in Detailed description of property (other than land).
• If an incoming trustee is replacing an outgoing trustee, enter the outgoing trustee as the transferor, and the incoming trustee as the transferee.
• If an incoming trustee is being added to the existing trustees, enter the existing trustees as the transferors; and the continuing and the new trustees as the transferees.
  For example, incoming trustee C is added to existing trustees A and B. The transferors will be the existing trustees A and B; and the transferees will be the new trustees A, B and C.
• If an existing trustee is being removed, enter the departing trustee as the transferor and the remaining trustees as the transferee.
• Answer Yes to the question: Is the consideration for this transaction less than the unencumbered value of the property included in this transaction?
• Enter the unencumbered value of 100% interest in property if known; if unknown, enter $0.00 (nil).
• Answer Yes to the question: Is an exemption being claimed?
• Select s.117 Exemption change of trustee from the drop-down list.

• Select Transfer of residential land or Transfer of non-residential land as the Transaction class.
• Select Vesting of dutiable property as the Type of dutiable transaction.
• Select Land in Queensland as the Type of dutiable property.
• When entering transferors and transferees, select Trust from the drop-down list and enter the trust name and trustee name in full.
• If an incoming trustee is replacing an outgoing trustee, enter the outgoing trustee as the transferor, and the incoming trustee as the transferee.
• If an incoming trustee is being added to the existing trustees, enter the existing trustees as the transferors; and the continuing and the new trustees as the transferees.
  For example, incoming trustee C is added to existing trustees A and B. The transferors will be the existing trustees A and B; and the transferees will be the new trustees A, B and C.
• If an existing trustee if being removed, enter the departing trustee as the transferor and the remaining trustees as the transferee.
• Answer Yes to the question: Is the consideration for this transaction less than the unencumbered value of the property included in this transaction?
• Enter the unencumbered value of 100% interest in property if known; if unknown, enter $0.00 (nil).
• Answer Yes to the question: Is an exemption being claimed?
• Select s.117 Exemption change of trustee from the drop-down list.

ELN workspace

• Create the Form 1 Transfer and Form 24 in your ELN workspace.
• Answer the question: Are any proprietor groups in the document acting as trustee? for both the proprietor on title and the incoming proprietor.
• Where there is more than one trustee for a trust, the trustees must hold the property as joint tenants.
• When you enter the duty information, select Duty paid to the Commissioner prior to settlement. This is because there is no liability for the exempt transaction.
• Record the draft QRO Online transaction number allocated to the transaction.

QRO Online

• In QRO Online go the Transfer duty—dashboard for the registered self assessor.
• Select Lodgements from the side menu.
• Identify the draft QRO Online transaction number from the list and select Lodge.
• Check the pre-filled information from your ELN Workspace. If anything is incorrect:
  • exit the QRO Online transaction
  • update the ELN Workspace
  • select Verify in the workspace to update the draft transaction.

Identification

• Insert your file reference.
• Select Transfer of residential land or Transfer of non-residential land as the Transaction class.
• Select ELN Lodgement (no agreement) as the Type of dutiable transaction. (If you select a Relevant transfer agreement (s.156D), the exemption question will not display.)
• Leave the Unconditional date blank.

Document details

Property

• Answer the questions:
  • Is the property a new building/residence?
  • Is the property a residential off-the-plan purchase?

Transferors (click the pencil to edit)

• Indicate whether the trustees are non-Australian entities.
• Insert contact details if known.

Transferees (click the pencil to edit)

• Select the trust type from the drop-down list.
• Answer the questions:
  • Are any of the trustees for this trust a foreign person?
  • Are any of the trustees for this trust an agent who is a foreign person, acting for a principal?
  • Is the principal a foreign person?
• Indicate whether any of the trustees are non-Australian entities.
• Enter contact details including an email address and contact phone number.

Transaction details

Consideration

• Answer Yes to the question: Is the consideration for this transaction less than the unencumbered value of the property included in this transaction?
• Enter $0.00 (nil) as the unencumbered value of 100% interest in property.

Exemption

• Answer Yes to the question: Is an exemption being claimed?
• Select s.117 Exemption change of trustee from the drop-down list.

Aggregation

• Answer No to the question: Does this transaction form part of an arrangement that includes other dutiable transactions (Section 30 applies)?

Liabilities

No action is required. Nil liability will be displayed.

Declaration

Complete the declaration and check the 2 boxes to acknowledge the statements.

Next steps

Select Review. Check that all data is correct before you submit the transaction. Errors will display in the top-right corner of the screen. Once any errors are resolved, you can submit the transaction.