The Commissioner of State Revenue has published a new Revenue Ruling, Trust Variations: Duty Implications.

This Ruling incorporates consultative input from the Law Society and takes effect on and from 1 July 2023.

The purpose of the Ruling is to provide guidance as to:
a) when a trust variation amounts to a declaration of trust under section 6(1)(b)(ii) of the Duties Act 2001; and
b) when a trust variation may be dutiable as it results in a change in beneficial ownership under section 6(1)(b)(vi) of the Act.

The Ruling is also available at, selecting the Property Transfer Duties drop-down and scrolling to the heading: Wills, Trusts and Deceased Estates​.