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DUTIES ACT 2001 - SECT 416 Start of use requirement

DUTIES ACT 2001 - SECT 416

Start of use requirement

416 Start of use requirement

(1) For property held on trust for a charitable institution, the commissioner must be satisfied—
(a) the property will start to be used for the institution for a qualifying exempt purpose on or before the date that is 6 months after the liability for transfer duty on the transaction would, apart from the exemption under division 1 , arise or the later date fixed by the commissioner by notice given to the institution (the
"start date" ); and
(b) the property will be used solely or almost solely for the institution for a qualifying exempt purpose for the period starting on the date the property is used for the institution for a qualifying exempt purpose and ends 1 year after that date or the later date fixed by the commissioner by notice given to the institution (the
"duration period" ).
Note—
In relation to subsection (1) (a) , see also section 620 .
(2) For other property, the commissioner must be satisfied—
(a) the property acquired or insured will start to be used by the charitable institution for a qualifying exempt purpose on or before the date stated in subsection (3) (also the
"start date" ); and
(b) the property will be used solely or almost solely by the institution for a qualifying exempt purpose for the period stated in subsection (4) (also the
"duration period" ).
(3) For subsection (2) (a) , the start date is—
(a) for a dutiable transaction that is an acquisition of dutiable property—6 months after the liability for transfer duty on the transaction would, apart from the exemption under division 1 , arise or the later date fixed by the commissioner by notice given to the institution; or
(c) for a premium for a contract of general insurance—immediately after the premium is paid; or
(d) for an application to register or transfer a vehicle—immediately after the application is made.
Note—
In relation to subsection (3) (a) , see also section 620 .
(4) For subsection (2) (b) , the duration period starts—
(a) for a dutiable transaction that is an acquisition of dutiable property—on the date the charitable institution starts to use the property for a qualifying exempt purpose and ends 1 year after that date or the later date fixed by the commissioner by notice given to the institution; or
(c) for a premium for a contract of general insurance—on the start date and ends 1 year after payment of the premium; or
(d) for an application to register or transfer a vehicle—on the start date and ends 9 months after the application is made.