New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 104ZD

104ZD Deceased estates where trusts under will are varied

(cf section 63 (2) and (2A))

(1) This section applies if a transfer of residential-related property is made by a legal personal representative of a deceased person to a foreign beneficiary under an agreement (whether or not in writing) between the foreign beneficiary and one or more other beneficiaries to vary the trusts contained in a will of the deceased person or arising on intestacy.

(2) For the purposes of calculating surcharge purchaser duty on the transfer, the dutiable value of the residential-related property is to be reduced by the portion of the dutiable value that is referable to the residential-related property to which the foreign beneficiary had an entitlement arising under the trusts contained in the will or arising on intestacy.

(3) A transmission application made in respect of residential-related property by a beneficiary under a will, with the consent of the legal personal representative of a deceased person, is taken, for the purposes of this section, to be a transfer of residential-related property by the legal personal representative to the beneficiary.

(4) In this section--

"foreign beneficiary" means a beneficiary who is a foreign person.