New South Wales Consolidated Acts

DUTIES ACT 1997 - SECT 62A

62A Transfers to self managed superannuation funds

(1) Duty of $50 is chargeable on a transfer of, or an agreement to transfer, dutiable property from a person (the "transferor") to the trustee of a self managed superannuation fund but only if:

(a) the transferor is the only member of the superannuation fund or the property is to be held by the trustee solely for the benefit of the transferor, and

(b) the property is to be used solely for the purpose of providing a retirement benefit to the transferor.

(2)

(Renumbered as subsection (3A))

(3) Duty of $500 is chargeable on a transfer of, or an agreement to transfer, dutiable property from a person (the "transferor") to the custodian of the trustee of a self managed superannuation fund but only if:

(a) the transferor is the only member of the superannuation fund, or

(b) the property is to be held solely for the benefit of the transferor and is to be used solely for the purpose of providing a retirement benefit to the transferor.

(3A) Property is held solely for the benefit of a transferor if:

(a) the property is held specifically for the benefit of the transferor, as a member of the superannuation fund, and

(b) the property (or proceeds of sale of the property) cannot be pooled with property held for another member of the superannuation fund, and

(c) no other member of the superannuation fund can obtain an interest in the property (or the proceeds of sale of the property).

(4) This section does not apply in respect of a transfer of, or an agreement to transfer, dutiable property if, as a result of the transfer, the superannuation fund will cease to be a complying superannuation fund.

(5) A superannuation fund that has not been confirmed as a complying superannuation fund may be treated as a complying superannuation fund for the purposes of this section only if the trustee is satisfied, at the time a liability for duty arises, that the fund will be confirmed as a complying superannuation fund.

(6) A superannuation fund is "confirmed" as a complying superannuation fund when the Regulator first gives a notice to the trustee under section 40 of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth stating that the fund is a complying superannuation fund.

(7) The Chief Commissioner may assess or reassess the duty chargeable in respect of a transfer or agreement to transfer if the Chief Commissioner is not satisfied that the superannuation fund was a complying superannuation fund at the time the liability for duty arose.