Australian Capital Territory Current Acts

DUTIES ACT 1999 - SECT 115HC

    (1)     This section applies if a chapter 3 transaction is made because of—

        (a)     the retirement of a trustee; or

        (b)     the appointment of a new trustee.

    (2)     The commissioner must exempt the transaction from duty if—

        (a)     the trust is a self managed superannuation fund; or

        (b)     the commissioner is satisfied that—

              (i)     on the retirement or appointment, there are no trustees that are, or can become, a beneficiary under the trust; and

              (ii)     the transaction is not made as part of a scheme to vest, in a person, an interest in a property of the trust to the detriment of any other person's beneficial interest or potential beneficial interest; and

              (iii)     the transaction is not made as part of, or in relation to, a tax avoidance scheme.

    (3)     This section does not apply to a responsible entity of a managed investment scheme.

    (4)     In this section:

"new trustee" means a trustee appointed—

        (a)     in substitution for another trustee; or

        (b)     in addition to another trustee.

"self managed superannuation fund"—see the Superannuation Industry (Supervision) Act 1993

(Cwlth), section 10 (1).