DUTIES ACT 2001 - SECT 120
Exemption—trust acquisition or surrender for membership of particular unincorporated association
DUTIES ACT 2001 - SECT 120
Exemption—trust acquisition or surrender for membership of particular unincorporated association
120 Exemption—trust acquisition or surrender for membership of particular
unincorporated association
(1) Transfer duty is not imposed on a dutiable transaction that is a trust
acquisition or trust surrender of a trust interest of a member of an
unincorporated association to which this section applies if—
(a) the
transaction is solely the result of a person becoming a member of the
association for the sole purpose of enjoying the benefits of membership and no
consideration is paid or payable by the person other than membership fees; or
(b) the transaction is solely the result of a person ceasing to be a member of
the association and no consideration is received by the person other than a
refund of membership fees.
(2) This section applies to an unincorporated
association that—
(a) has at least 7 members; and
(b) is not formed or
carried on for providing financial gain for its members; and
(c) does not
have as its main purpose the holding of property—
(i) in which its members
have a disposable interest; or
(ii) that the members have a right to divide
between all or some of them; or
(iii) for use by some or all of its members
or among persons claiming through, or nominated by, some or all of its
members; or
(iv) for distribution, or for distribution of the income from it,
among some or all of its members or among persons claiming through, or
nominated by, some or all of its members; and
(d) does not have an object of
raising a fund by subscription of its members to make loans to them.
(3) For
subsection (2) (b) , an association is not formed or carried on for providing
financial gain for its members merely because 1 or more of the circumstances
mentioned in the Associations Incorporation Act 1981, section 4 , apply to
it.