Reassessment—noncomplying superannuation fund or public superannuation entity
156 Reassessment—noncomplying superannuation fund or public superannuation entity
This section applies if—
transfer duty has been assessed on a dutiable transaction on the basis of—
a concession under part 11; or
an exemption under part 13, division 3A, for a fund or trust mentioned in the definition public superannuation entity, paragraph (e); and
at the first anniversary of the transaction—
if paragraph (a)(i) applies—the superannuation funds created by the split, merger, variation or reconstitution are not complying superannuation funds; or
if paragraph (a)(ii) applies—the fund or trust is not a public superannuation entity.
Within 28 days after the first anniversary, the trustees of the funds mentioned in subsection (1)(b)(i) or trustees of the fund or trust mentioned in subsection (1)(b)(ii) must—
give notice in the approved form to the commissioner; and
ensure the instruments required for the assessment of duty for the transaction are lodged for a reassessment of transfer duty on the transaction.
Note—Failure to give the notice is an offence under the Administration Act, section 120.
The commissioner must make a reassessment to impose transfer duty on the transaction as if the concession or exemption had never applied.
This Act’s bill:Explanatory memorandum
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