It depends on your definition of 'fixed'. For NSW land tax purposes a trust would not be fixed if the trustee could vary or alter the entitlements of unit holders.
But the allocation of units can be varied by the parties transferring the units. There is no stamp duty on the transfer of units in NSW trusts anymore (unless the trust owns more than $2mil in property). But there would be CGT.
Would that mean, to satisfy the definition of a fixed trust and retain entitlement to a NSW land tax threshold, the transfer of units within the trust is acceptable. our trust structure is setup with a corporate trustee (we (x2) are directors) of a single trust holding two NSW IP's and both are beneficiaries. Can we vary unit allocation from 50/50, 80/20, 90/10..........