Increased Duty for Discretionary Trusts, SMSFs & LRBAs in NSW

The Duties Act 1997 (NSW) has been amended so that, from 1 February 2024:

• Duty on the establishment of trusts over non-dutiable property in NSW increases from $500 to $750.
• Duty on the establishment of LRBAs in NSW increases from $500 to $750 (assuming additional conditions satisfied). 
• Duty on transfers of dutiable property from custodian trustees to SMSFs increases from $500 to $750 (assuming additional conditions satisfied). 
• Duty on transfers of dutiable property as a result of a change in trustee in discretionary trusts (assuming trustee excluded from being beneficiary) and SMSFs increases from $50 to $100.

If you have any questions, please contact us.