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Particular vestings exemption (s. 125) toolkit

This toolkit brings together everything you need to know about self assessing transfer duty on transactions that vest dutiable property in a receiver or trustee in bankruptcy.

Under section 125 of the Duties Act 2001, a transaction that vests dutiable property in a receiver or trustee in bankruptcy is exempt. As a registered self assessor, if you determine that this exemption will apply to a transaction, you must self assess it in OSR Online.

Assessing a particular vestings exemption

Use the section 125 interactive help to determine if you should apply this exemption to a transaction.

Here are some tips to help you self assess this type of transaction in OSR Online.

How to lodge online

You must complete all mandatory fields under each tab in OSR Online. Mandatory fields are marked with a red asterisk. There are some specific data entry requirements.

  • Select the appropriate Transaction class based on the type of land.
  • Select Vesting of dutiable property as the Type of dutiable transaction.
  • Select Land in Queensland as the Type of dutiable property.
  • For a vesting of dutiable property resulting from bankruptcy, enter the party declaring bankruptcy as the transferor, and the appointed trustee as the transferee.
  • For a trust, enter the following in the Trust name field:
    • full name of the trust
    • the reason for the vesting of dutiable property; for example
      • Property of John Citizen (a bankrupt)
      • John Citizen (statutory trust for sale)
      • John Citizen (statutory trust for partition).
  • 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.125 exemption particular vestings from the Exemption type drop-down list.

Non-Australian entity

When a transaction includes real property, each transferor and transferee must declare whether they are a non-Australian entity.

A non-Australian transferor or transferee must complete an identity details annexure.

For transferors, an email is automatically generated through OSR Online when the transaction is lodged, asking the transferor to complete an online identity details annexure. Contact us for help if you cannot obtain the transferor's email address.

Transferees must complete an identity details annexure and you must enter these details in OSR Online.

Records you need to keep

For this type of transaction you must keep a completed dutiable transaction statement (Form D2.2) and either:

  • a copy of the sealed court order (for vestings under the Property Law Act 1974)
  • or
  • a copy of the national personal insolvency index and details of trustee in bankruptcy or discharge from bankruptcy (for vestings due to bankruptcy). If applicable, you should also include a copy of the statutory declaration required for the Department of Natural Resources, Mines and Energy.

For a transaction involving real property, you must keep the identity details annexure for each non-Australian transferee.

Also consider...

Contact

Office of State Revenue
For transfer duty self assessment queries:

For queries on payroll tax, land tax and royalties:

  • call 1300 300 734 (Australia) or +61 7 3179 2500 (overseas)
  • send an email using our online enquiry form.