Change of financial institution — exemption

Circumstances/Transactions:

A transfer from a financial institution to another financial institution pursuant to the terms of the agreement under section 57A, 57B, 57C or 57D of the Duties Act 2000 (the first transaction). 

The other financial institution transfers its interest in the land to the natural person in compliance with the terms of the relevant agreement (the second transaction). 

The first and second transaction is exempt.

Evidence:

1. The Digital Duties Form.
2. The transfer from a financial institution to another financial institution.
3. A copy of the stamped transfer to the transferor financial institution.
4. A copy of the agreement made between the financial institution and the natural person.
5. A statutory declaration by the authorised officer of the transferor financial institution stating:
   • The capacity of the person making the decision.
   • The capacity in which the transferor held the property.
   • Whether the property being transferred to the transferee is made pursuant to the terms of an agreement under section 57A or 57B or 57C or 57D.