(1)  This regulation applies to a transaction if –

(a) the effect of the transaction is to transfer beneficial ownership of a registered motor vehicle or trailer from one person to another; and

(b) there is to be no transfer of registration in consequence of the transfer of beneficial ownership.

(2)  Each party to a transaction to which this regulation applies must within the relevant time limit lodge a notice of change of beneficial ownership with the Registrar.

Penalty:  Fine not exceeding 15 penalty units.

(3)  The relevant time limit is –

(a) for the notice to be given by the transferor – 7 days after completion of the transaction; and

(b) for the notice to be given by the transferee – 14 days after completion of the transaction.

(4)  The notice may be given by the parties jointly.

(5)  A notice of change of beneficial ownership –

(a) must be in a form approved by the Registrar; and

(b) must contain the information required in the form.

(6)  For the purposes of this regulation, the registration of a motor vehicle or a trailer is taken to continue for 3 months after the expiry of the last registration period.