You can process the following declarations of trust in Duties Online:

• Fixed trust over unidentified property.
• Discretionary or family trust over unidentified property.
• Unit trust over unidentified property.
• Hybrid trust over unidentified property.
• Custodian trust over identified dutiable property held for a regulated superannuation fund as part of a limited recourse borrowing arrangement.

These trusts must have been declared in Victoria and all related deeds must have been signed and dated by all the relevant parties to the trust.

Simply select the trust type from the list provided. The type of trust is usually specified in the schedule page of the trust document.

About the trust types

Fixed trust

Under a fixed trust, the beneficiaries of the trust will normally have a defined benefit in the trust. However, the trust must not be a discretionary trust, a unit trust, or a superannuation fund.

Discretionary or family trusts

Generally, a discretionary trust or family trust is a trust where the beneficiaries do not have a fixed entitlement or interest in the trust funds. Under the trust, the trustee has the discretion to determine which of the beneficiaries are to receive the capital and income of the trust and how much each beneficiary receives. The trust may also, or otherwise, set out how the trust property will be vested if that discretion is not exercised. The trustee does not have a complete discretion as they can only distribute to beneficiaries within a nominated class, as set out in the terms of the trust deed.

Unit trusts

A unit trust is a type of trust where, in exchange for investing an amount in the trust, the beneficiaries of the trust (unitholders) have a proportional interest or right in the property of the trust.

Hybrid trusts

A hybrid trust is not defined in the Duties Act 2000. It is a mix of two or more different types of trusts.

For example, a trust that allows for the transfers of dutiable property to a discretionary beneficiary rather than a unitholder is a hybrid trust.

Custodian trusts and limited recourse borrowing arrangements

A custodian trust is used by a self-managed superannuation fund to acquire and hold property for the fund in a limited recourse borrowing arrangement. The property is acquired by a custodian appointed by the superannuation fund to act on its behalf. There may be duty implications for these arrangements. The declaration of trust by the custodian is only exempt from duty, in certain circumstances.