Western Australian Current Acts Western Australian Current Acts (1) Nominal duty is
chargeable on a relevant superannuation transaction if there is, or will be,
consideration for the transaction.
(2) A reference in
this section to a relevant superannuation transaction is to a transfer of, or
an agreement for the transfer of, dutiable property by a person (the
transferor ) to a trustee, or a custodian of a trustee, of a superannuation
fund that meets the following criteria (an approved superannuation fund )
—
(a)
either of the following apply to the superannuation fund —
(i)
only the transferor can be a member of the superannuation
fund;
(ii)
property can only be held in the superannuation fund
specifically for the transferor and cannot be pooled with the contributions or
other assets of another member and no other member can obtain an interest in
the property;
(b)
property can only be held in the superannuation fund to be provided to the
transferor as a retirement benefit.
(3) In subsection
(2)(a)(ii) and (b) —
property —
(a)
means —
(i)
dutiable property the subject of a relevant
superannuation transaction; or
(ii)
if such dutiable property is sold so that the proceeds
can be provided to the transferor as a retirement benefit, those proceeds;
and
(b)
includes any net income from property referred to in paragraph (a), including
income retained by a trustee of a superannuation fund while legal ownership of
the property is held by a custodian of a trustee of the fund.
(4) An application for
assessment or reassessment under this section must be made in the approved
form.
[Section 122 inserted: No. 15 of 2015 s. 4.]