What type of trusts qualify?
Other issues that need to be considered by applicants for this exemption include: • the transfer must not be part of an arrangement or a scheme devised for the principal purpose of taking advantage of this exemption; • the transferor or transferee must complete the family farm exemption statutory declaration – SRO Duties Form 13; • if the transferee is the trustee of a trust, the transfer will only be eligible for the exemption if the capital beneficiaries qualify as relatives or the beneficiary is a charitable institution; • if a trust is involved, a copy of the duly stamped trust deed must be attached to the statutory declaration; • the applicants for the exemption must keep all relevant evidence for at least five (5) years; • the SRO conducts regular investigations to ensure compliance with the legislation it administers; and • a penalty of $1,000 may be imposed on anyone making a false or misleading declaration.
