STAMP DUTIES ACT 1923 - SECT 71DA
STAMP DUTIES ACT 1923 - SECT 71DA
71DA—Duty on certain conveyances between superannuation funds etc
(1) If on an
application made under this section the Commissioner is satisfied—
(a) that
the applicant is a party to an instrument that constitutes—
(i)
a conveyance of property between superannuation funds; or
(ii)
an agreement to convey property between superannuation
funds; and
(b) that
the trustees of the respective funds are of the opinion that the funds will be
complying superannuation funds for the year in which the conveyance occurs;
and
(c) that
the conveyance is in connection with a person ceasing to be a member of, or
otherwise ceasing to be entitled to benefits in respect of, one superannuation
fund and becoming a member of, or otherwise becoming entitled to benefits in
respect of, the other superannuation fund,
this section applies to the instrument.
(1a) If on application
made under this section the Commissioner is satisfied—
(a) that
the applicant is a party to an instrument that is a conveyance of property, or
an agreement to convey property, from a superannuation fund to a
pooled superannuation trust; and
(b) that
the purpose of the conveyance is to satisfy standards relating to the
investment of assets of the superannuation fund prescribed by or under the SIS
Act; and
(c) that
the only consideration for the conveyance is the right to share in the income
and assets of the pooled superannuation trust whether that right is in the
form of units issued by the trust or some other form,
this section applies to the instrument.
(1b) If on application
made under this section the Commissioner is satisfied—
(a) that
the applicant is a party to an instrument that is a conveyance of property, or
an agreement to convey property, from a pooled superannuation trust—
(i)
to a superannuation fund; or
(ii)
to another pooled superannuation trust at the direction
of a superannuation fund; and
(b) that
the only consideration passing from the superannuation fund to the
firstmentioned pooled superannuation trust for the conveyance is the surrender
by the superannuation fund of the whole or part of its right to share in the
income and assets of the pooled superannuation trust,
this section applies to the instrument.
(2) The duty payable
on an instrument to which this section applies will be—
(a) the
amount of ad valorem duty that would be payable on the instrument as a
conveyance apart from this section; or
(b)
$200,
whichever is the lesser.
(3) The Commissioner
may require a party to an instrument that may be assessable under this section
to provide such information or evidence as the Commissioner may require for
the purpose of determining whether this section applies and, if so, the amount
of duty payable on the instrument.
(4) The Commissioner
may require the information or evidence to be given on oath or verified by
statutory declaration.
(5) In this
section—
"complying superannuation fund" means—
(a) a
fund which is a complying superannuation fund within the meaning of section
267 of the Income Tax Assessment Act 1936 of the Commonwealth; or
(b) a
fund which is a complying approved deposit fund as defined by section 47 of
the SIS Act;
"pooled superannuation trust" means a pooled superannuation trust as defined
in the SIS Act;
"the SIS Act" means the Superannuation Industry (Supervision) Act 1993
of the Commonwealth.
(6) This section
applies to an instrument of a kind referred to in subsection (1), (1a) or
(1b) if it was first lodged for stamping with the Commissioner on or after the
commencement of the subsection concerned.