Change of trustee - duty payable?

Discussion in 'Legal Issues' started by money, 30th Jul, 2019.

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  1. money

    money Well-Known Member

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    I read in the below post on another forum that in NSW when you change trustees of a trust, you need to get the deed of change of trustee stamped, is this true? Has this always been law, even if the trust held nothing in it? The cost apparently was $12, but the post seems to be from 2005: Corporate vs individual trustees for a discretionary trust
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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  3. Trainee

    Trainee Well-Known Member

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  4. money

    money Well-Known Member

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    So the $50 is only applicable if dutiable trust property involved when appointing a new trustee. If the trust has none then there is no fee and the trust/appointor doesn't have to notify anyone.
     
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Duty is only paid on the transfer of dutiable property