STAMP DUTIES ACT 1923 - SECT 71F
STAMP DUTIES ACT 1923 - SECT 71F
71F—Statutory transfers
(1) A statutory
transfer is a transfer or vesting of assets or liabilities that takes effect
by or under the provisions of a special Act.
(2) The parties to a
statutory transfer must, within 2 months after a statutory transfer takes
effect, lodge with the Commissioner a statement in a form approved by the
Commissioner setting out—
(a) a
description of the property subject to the statutory transfer; and
(b) the
value of that property; and
(c) any
other information required by the Commissioner.
(3) Duty is payable on
the statement as if it were a conveyance, executed by the parties to the
statutory transfer, operating as a voluntary disposition inter vivos of the
property subject to the statutory transfer.
(4) If a statement is
not lodged as required by this section within 2 months after the statutory
transfer takes effect—
(a) each
party to the transfer is guilty of an offence and liable to a penalty not
exceeding $10 000; and
(b) the
parties to the transfer are jointly and severally liable to pay duty to the
Commissioner as if such a statement had been lodged with the Commissioner
immediately before the end of that period of 2 months.
(5) A statutory
transfer arising from the merger of credit unions, or transferring assets from
one credit union to another, is exempt from this section.
(6) In this
section—
"special Act" means—
(a) the
Financial Sector (Transfer of Business) Act 1999 ; or
(b) the
Financial Sector (Transfer of Business) Act 1999 of the Commonwealth; or
(c) any
other Act of the State, another State, or the Commonwealth prescribed by
regulation for the purposes of this section.