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This is a Bill, not an Act. For current law, see the Acts databases.
New South Wales
State Revenue Legislation Amendment
Bill 2011
Contents
Page
1 Name of Act 2
2 Commencement 2
Schedule 1 Amendment of Duties Act 1997 No 123 3
Schedule 2 Amendment of First Home Owner Grant Act 2000 No 21 6
b2011-090-36.d07
New South Wales
State Revenue Legislation Amendment
Bill 2011
No , 2011
A Bill for
An Act to make miscellaneous amendments to certain State revenue legislation.
Clause 1 State Revenue Legislation Amendment Bill 2011
The Legislature of New South Wales enacts: 1
1 Name of Act 2
This Act is the State Revenue Legislation Amendment Act 2011. 3
2 Commencement 4
This Act commences on the date of assent to this Act. 5
Page 2
State Revenue Legislation Amendment Bill 2011
Amendment of Duties Act 1997 No 123 Schedule 1
Schedule 1 Amendment of Duties Act 1997 No 123 1
[1] Section 61 Transfers of property in connection with persons changing 2
superannuation funds 3
Insert after section 61 (1A) (d): 4
(e) a transfer of, or an agreement to transfer, marketable 5
securities from the trustee of a superannuation fund or a 6
custodian of the trustee of a superannuation fund to a life 7
company or custodian for a life company if the transfer is 8
made in consideration of the issue, by the life company, of 9
a policy of life insurance to the trustee of the 10
superannuation fund of which the person has become a 11
member. 12
[2] Section 65 Exemptions from duty 13
Omit "Commonwealth Workplace Relations Act 1996" from section 65 (2) (a). 14
Insert instead "Fair Work (Registered Organisations) Act 2009 of the 15
Commonwealth". 16
[3] Section 163FA 17
Insert after section 163F: 18
163FA Concession for acquisitions in connection with persons changing 19
superannuation funds 20
(1) This section applies to a relevant acquisition that results wholly 21
from a relevant transfer and occurs in connection with a person: 22
(a) ceasing to be a member of, or otherwise ceasing to be 23
entitled to benefits in respect of, a superannuation fund that 24
is a complying superannuation fund or was a complying 25
superannuation fund within the period of 12 months before 26
the acquisition was made, and 27
(b) becoming a member of, or otherwise becoming entitled to 28
benefits in respect of, another superannuation fund that is 29
also a complying superannuation fund or will, in the 30
opinion of the trustees of both funds concerned, be a 31
complying superannuation fund within 12 months after the 32
acquisition is made. 33
(2) For the purposes of this section, each of the following is a 34
relevant transfer: 35
(a) a transfer of property from a trustee of a superannuation 36
fund, or a custodian of the trustee, to the trustee of another 37
Page 3
State Revenue Legislation Amendment Bill 2011
Schedule 1 Amendment of Duties Act 1997 No 123
superannuation fund, or to a custodian of the trustee of 1
another superannuation fund, 2
(b) a transfer of property from a trustee of a superannuation 3
fund to a custodian of the trustee, or from a custodian of the 4
trustee of a superannuation fund to the trustee, 5
(c) a transfer of a share or a unit in a unit trust scheme from the 6
trustee of a pooled superannuation trust, made in exchange 7
for a redemption of units in the trust, to the trustee of a 8
superannuation fund, or a custodian of the trustee of a 9
superannuation fund, 10
(d) a transfer of a share or a unit in a unit trust scheme from the 11
trustee of a superannuation fund, or a custodian of the 12
trustee of a superannuation fund, made in exchange for the 13
issue of units in a pooled superannuation trust, to a trustee 14
of the pooled superannuation trust, 15
(e) a transfer of a share or a unit in a unit trust scheme from a 16
life company or custodian for a life company to the trustee 17
of a superannuation fund or a custodian of the trustee of a 18
superannuation fund if the transfer is made in 19
consideration of the surrender or termination, by the 20
trustee of the superannuation fund of which the person has 21
ceased to be a member, of a policy of life insurance issued 22
by the life company, 23
(f) a transfer of a share or a unit in a unit trust scheme from the 24
trustee of a superannuation fund or a custodian of the 25
trustee of a superannuation fund to a life company or 26
custodian for a life company if the transfer is made in 27
consideration of the issue, by the life company, of a policy 28
of life insurance to the trustee of the superannuation fund 29
of which the person has become a member. 30
(3) The duty chargeable under this Chapter on a relevant acquisition 31
to which this section applies is $500. 32
(4) In this section, complying superannuation fund includes a 33
complying approved deposit fund and an eligible rollover fund. 34
[4] Schedule 1 Savings, transitional and other provisions 35
Insert at the end of clause 1 (1): 36
State Revenue Legislation Amendment Act 2011 37
Page 4
State Revenue Legislation Amendment Bill 2011
Amendment of Duties Act 1997 No 123 Schedule 1
[5] Schedule 1 1
Insert at the end of the Schedule with appropriate Part and clause numbering: 2
Part Provisions consequent on enactment of 3
State Revenue Legislation Amendment 4
Act 2011 5
Amendment relating to transfers in connection with persons 6
changing superannuation funds 7
The amendment made to section 61 by the State Revenue 8
Legislation Amendment Act 2011 is taken to apply in respect of 9
dutiable transactions occurring on or after 1 July 2010. 10
Amendment relating to acquisitions in connection with persons 11
changing superannuation funds 12
The amendment made to Chapter 4 by the State Revenue 13
Legislation Amendment Act 2011 applies only in respect of a 14
relevant acquisition made on or after the commencement of that 15
Act. 16
Amendment relating to special disability trusts 17
The amendment made to the Dictionary by the State Revenue 18
Legislation Amendment Act 2011 applies only in respect of 19
dutiable transactions occurring on or after the commencement of 20
that Act. 21
[6] Dictionary 22
Omit the definition of special disability trust from clause 1. Insert instead: 23
special disability trust means a special disability trust within the 24
meaning of the Social Security Act 1991 of the Commonwealth 25
or the Veterans' Entitlements Act 1986 of the Commonwealth. 26
Page 5
State Revenue Legislation Amendment Bill 2011
Schedule 2 Amendment of First Home Owner Grant Act 2000 No 21
Schedule 2 Amendment of First Home Owner Grant 1
Act 2000 No 21 2
[1] Section 46 Power to recover certain amounts 3
Insert "first" after "liability is a" in section 46 (3). 4
[2] Section 46 (3AA) 5
Insert after section 46 (3A): 6
(3AA) Once the caveat is recorded in the Register kept under the Real 7
Property Act 1900, the charge has priority over all other 8
encumbrances except land tax under the Land Tax Management 9
Act 1956. 10
[3] Section 46 (8) 11
Insert after section 46 (7): 12
(8) The provisions of this section have effect despite anything 13
contained in section 42 of the Real Property Act 1900. 14
[4] Schedule 1 Savings, transitional and other provisions 15
Insert at the end of clause 1 (1): 16
State Revenue Legislation Amendment Act 2011 17
Page 6
State Revenue Legislation Amendment Bill 2011
Amendment of First Home Owner Grant Act 2000 No 21 Schedule 2
[5] Schedule 1, Part 10 1
Insert after Part 9: 2
Part 10 Provisions consequent on enactment of 3
State Revenue Legislation Amendment Act 4
2011 5
17 Liability to repay certain amounts a first charge 6
The amendments to section 46 made by the State Revenue 7
Legislation Amendment Act 2011 do not apply in respect of an 8
eligible transaction that has a commencement date that is before 9
1 October 2011. 10
Page 7
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