Hello Dawood
Thanks for the question.
My understanding is that duty is not payable in Victoria in relation to the Property Custodian Deed under section 34(1)(a)(i) of the Duties Act 2000 (Victoria).
However, the Property Custodian Deed still needs to be lodged with the Victorian State Revenue Office as per the information provided below:
https://www.sro.vic.gov.au/duty-and-trusts-frequently-asked-questions
Does a declaration of trust made by a custodian trustee holding a property on trust for a regulated superannuation fund, as part of a limited recourse borrowing arrangement, need to be lodged with the State Revenue Office?
Yes, from 26 November 2018, all declarations of trust over dutiable property, including declarations made by the trustee of a custodian trust holding land on trust for a regulated superannuation fund under a limited recourse borrowing arrangement, need to be processed through DOL, including late lodgements.
This transaction is only exempt from duty in certain circumstances.
Best regards
The Auditors Institute