Life and remainder interests: duty requirements

If a transaction involves life and remainder interests in property, provide:

1. the transaction record (such as a transfer or agreement to transfer)
2. a completed Foreign Transfer Duty Declaration Form
3. the date of birth, general health, occupation and normal place of residence of the life tenant
4. details of income generated from the property, such as copies of leases or agreements affecting the income produced from the property
5. details of any expenses relating to the property for which the life tenant is responsible
6. completed duties valuation forms for any land. Duties valuation forms are not required if a valuation is obtained from a qualified valuer which meets the criteria specified in Commissioner’s Practice TAA 23 ‘Circumstances when a Taxpayer will be Required to Provide a Written Valuation’
7. any other relevant information that may assist in the assessment of duty

An assessment of duty will not be issued until all required information is provided.