Property passing to beneficiaries of superannuation funds
41A Property passing to beneficiaries of superannuation funds
No duty is chargeable under this Chapter in respect of a transfer of dutiable property that forms part of a superannuation fund to a beneficiary of the fund if—
the duty (if any) charged by this Act in respect of the dutiable transaction that resulted in the dutiable property becoming part of the fund has been paid or the Commissioner is satisfied that the duty will be paid; and
the beneficiary was a beneficiary when the property first became part of the fund; and
the dutiable value of the property transferred does not exceed the value of the beneficiary's interest in the fund.
If a beneficiary would be entitled to an exemption from duty under subsection (1) but for subsection (1)(c), the beneficiary is entitled to a concession from duty in respect of so much of the dutiable value of the dutiable property that does not exceed the value of the beneficiary's interest in the fund.
A reference in this section to dutiable property becoming or first becoming part of a fund includes a reference to property from which that dutiable property was derived, by subdivision or consolidation of titles, becoming or first becoming part of the fund at a time when the transferee was a beneficiary of the fund.
In this section—
superannuation fund means a complying superannuation fund, a complying approved deposit fund, a pooled superannuation fund or an eligible rollover fund.
Division 3—Other general exemptions and concessions
S. 41B inserted by No. 39/2009 s. 10.
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