DUTIES ACT 2000 - SECT 271 Registration of transfer of units

DUTIES ACT 2000 - SECT 271

    (1)     The trustee or manager of a unit trust scheme must not enter in its records a transfer of units on which duty is charged under this Act unless—

        (a)     a proper instrument of transfer has been delivered to the trustee or manager; and

        (b)     the instrument is duly stamped.

Penalty:     100 penalty units.

Note to

s. 271(1) inserted by No. 13/2013 s. 56(3).

Note

Section 130A of the Taxation Administration Act 1997 applies to an offence against this subsection.

    (2)     For the purposes of this section, the trustee or manager of a unit trust scheme is entitled to assume that an instrument is duly stamped if—

        (a)     it bears any of the following—

              (i)     an impressed stamp;

              (ii)     an adhesive stamp;

              (iii)     an endorsement under section 265;

              (iv)     an endorsement in accordance with an approval under section 39 of the Taxation Administration Act 1997 ;

              (v)     an exempt stamp; or

        (b)     it is accompanied by a current exemption certificate.

S. 271(3) amended by No. 44/2001 s. 3(Sch. item 32.7).

    (3)     A reference in this section to the trustee or manager of a unit trust scheme includes a reference to the responsible entity, or to a custodian or agent of the responsible entity, of a managed investment scheme that is not registered under Chapter 5C of the Corporations Act.