New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 61

61 Transfers of property in connection with persons changing superannuation funds

(1) This section applies to a relevant transfer that occurs in connection with a person:

(a) ceasing to be a member of, or otherwise ceasing to be entitled to benefits in respect of, a superannuation fund that is a complying superannuation fund or was a complying superannuation fund within the period of 12 months before the transfer was made, and

(b) becoming a member of, or otherwise becoming entitled to benefits in respect of, another superannuation fund that is also a complying superannuation fund or will, in the opinion of the trustees of both funds concerned, be a complying superannuation fund within 12 months after the transfer is made.

(1A) For the purposes of this section, each of the following is a "relevant transfer":

(a) a transfer of dutiable property from a trustee of a superannuation fund, or a custodian of the trustee, to the trustee of another superannuation fund, or to a custodian of the trustee of another superannuation fund,

(b) a transfer of dutiable property from a trustee of a superannuation fund to a custodian of the trustee, or from a custodian of the trustee of a superannuation fund to the trustee,

(c) a transfer of marketable securities from a trustee of a pooled superannuation trust, made in exchange for a redemption of units in the trust, to the trustee of a superannuation fund, or a custodian of the trustee of a superannuation fund.

(2) The duty chargeable on a transfer to which this section applies is ad valorem duty in accordance with this Chapter or $500, whichever is the lesser.

(3) An application for an assessment of duty in accordance with this section is to be accompanied by the following:

(a) a brief explanation of the background to the transfer and the entitlements to be extinguished and created,

(b) copies of the governing rules of the superannuation funds concerned,

(c) a statement of the property to be transferred,

(d) a copy of each instrument relating to the transfer,

(e) a statutory declaration from a trustee (or a director of a corporate trustee) of each of the superannuation funds concerned stating that, in the opinion of the trustee (or director), the fund the person will become a member of, or otherwise become entitled to benefits in respect of, will be a complying superannuation fund within 12 months after the transfer occurs.

(4) The Chief Commissioner may require further information.

(5) In this section, "complying superannuation fund" includes a complying approved deposit fund and an eligible rollover fund.