Where there is a merger or acquisition of a listed trust, care needs to be taken where such listed trusts are “land rich” such as a property trust that owns land in various States and Territories.

As from 1 July 2011, both South Australia and Queensland now impose stamp duty in relation to acquisitions of 90% or more of listed trusts that are landholders under their relevant stamp duty legislation. This brings these two States into line with similar duty currently imposed by NSW, WA and NT in relation to acquisitions of 90% or more interests in listed trusts which are land rich.