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DUTIES ACT 1997 - SECT 60
Instruments relating to superannuation
60 Instruments relating to superannuation
(1) The following instruments are liable to duty of $20 if they were first
executed before 1 July 2001-- (a) an instrument that establishes, or that
amends provisions governing, a superannuation fund, an approved deposit fund,
a pooled superannuation trust or an eligible rollover fund, being a fund or
trust that, in the opinion of the trustees, will be a complying superannuation
fund, a complying approved deposit fund, a pooled superannuation trust or an
eligible rollover fund within 12 months after the instrument or amending
instrument takes effect,
(b) an instrument under which an employer agrees to
participate in or contribute to a complying superannuation fund or a
superannuation fund that, in the opinion of the trustees, will become a
complying superannuation fund within 12 months after the employer agrees to
participate in or contribute to the fund,
(c) an instrument that is executed
in order to set out or vary the terms of custodial arrangements concerning a
complying superannuation fund, a complying approved deposit fund, a pooled
superannuation trust or an eligible rollover fund (whether or not the
instrument contains any other terms) or concerning a fund or trust that, in
the opinion of the trustees, will be a complying superannuation fund, a
complying approved deposit fund, a pooled superannuation trust or an eligible
rollover fund within 12 months after the instrument takes effect.
(2) A
liability for duty charged by this section arises when the instrument is first
executed.
(3) The persons liable to pay the duty are the parties to the
instrument.
(4) The duty may be denoted by adhesive stamp.
(5) Despite
subsection (1), an instrument to which this section applies is not liable to
duty if-- (a) it is exempt from duty under a corresponding Act, or
(b) the
duty for which it is liable under a corresponding Act has been paid.
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