Australian Capital Territory Current Acts

DUTIES ACT 1999 - SECT 115HE

    (1)     The commissioner must exempt a chapter 3 transaction from duty if satisfied that a chapter 3 property is transferred as part of the transaction—

        (a)     from the responsible entity of a registered scheme; and

        (b)     to a custodian or agent of the responsible entity of the scheme acting as custodian or agent of the scheme.

    (2)     However, subsection (1) applies only if the commissioner is satisfied that—

        (a)     the scheme was a prescribed interest scheme before 1 July 1998; and

        (b)     at the time the scheme became a registered scheme, the responsible entity held the chapter 3 property as a trustee of the scheme.

Note     The term ‘prescribed interest' was replaced with ‘managed investment' and the term ‘trustee' was replaced with ‘responsible entity' by the Managed Investments Act 1998

(Cwlth), sch 1 (repealed), which inserted new s 1465 (References to prescribed interests etc. in existing laws and documents) into the Corporations Law (Cwlth) (repealed).