Australian Capital Territory Numbered Acts

DUTIES ACT 1999 - SECT 249

(1)     The trustee or manager of a unit trust scheme shall not enter in its records a transfer of units on which duty is charged under this Act or a transfer made as a consequence of a sale or purchase of units in respect of which duty is charged under this Act unless—

        (a)     a proper instrument of transfer has been delivered to the trustee or manager; and

        (b)     the instrument is duly stamped.

Penalty:

        (a)     in the case of a natural person—50 penalty units;

        (b)     in the case of a body corporate—250 penalty units.

(2)     For the purposes of this section, the trustee or manager of a unit trust scheme is entitled to assume that an instrument is duly stamped if—

        (a)     it bears any of the following:

              (i)     an impressed stamp;

              (ii)     a broker's stamp and identification number;

              (iii)     an SCH participant's identification code;

              (iv)     an endorsement in accordance with an approval under Division 2 of Part VI of the Taxation Administration Act;

              (v)     an exempt stamp;

              (vi)     a current foreign resident declaration; or

        (b)     it is accompanied by a current exemption certificate.