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DUTIES ACT 2000 - SECT 40 Transfer of property from one superannuation fund to another

DUTIES ACT 2000 - SECT 40

Transfer of property from one superannuation fund to another

    (1)     No duty is chargeable under this Chapter in respect of a transfer of dutiable property from one superannuation fund to another if the Commissioner is satisfied that—

        (a)     the transfer is made from a complying superannuation fund or from a fund that was a complying superannuation fund within the period of 12 months before the transfer was made; and

        (b)     the transfer is made to a complying superannuation fund or to a superannuation fund that, in the opinion of the trustees, will be a complying superannuation fund within 12 months after the transfer is made; and

        (c)     the transfer occurs in connection with a person's ceasing to be a member of, or otherwise ceasing to be entitled to benefits in respect of, the fund from which the dutiable property is transferred and the person's becoming a member of, or otherwise becoming entitled to benefits in respect of, the fund to which the dutiable property is transferred.

    (2)     An application to the Commissioner for the purposes of this section is to be accompanied by the following—

        (a)     a brief explanation of the background to the transfer and the entitlements to be extinguished and created;

        (b)     copies of the governing rules of the complying superannuation funds concerned;

        (c)     a statement of the property to be transferred;

        (d)     a copy of each instrument relating to the transfer;

        (e)     a statutory declaration from a trustee (or a director of a corporate trustee) of each of the superannuation funds concerned stating that, in the opinion of the trustee (or director), the fund will be a complying superannuation fund within 12 months after the transfer occurs.

    (3)     The Commissioner may require further information for the purposes of this section.

    (4)     In this section, "complying superannuation fund" includes a complying approved deposit fund and an eligible rollover fund.