Western Australian Current Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

DUTIES ACT 2008 - SECT 123

123 .         Subsequent liability in certain circumstances

        (1)         A reference in this section to a subsequent event in relation to a superannuation fund is to an event the effect of which is that the superannuation fund ceases to be an approved superannuation fund, as defined in section 122(2).

        (2)         Subsection (3) applies if, after a transaction is duty endorsed under section 122, a subsequent event takes place in relation to the superannuation fund while the dutiable property the subject of the transaction (the original dutiable property ), or part of it, is held —

            (a)         by a custodian of a trustee of the superannuation fund; or

            (b)         in the superannuation fund.

        (3)         A subsequent event is taken to be a transfer of the original dutiable property and is liable to duty accordingly.

        (4)         Not later than 2 months after the day on which a subsequent event takes place a trustee, or a custodian of a trustee, of the superannuation fund, as is relevant, is to lodge a transfer duty statement for the event.

        Penalty: a fine of $20 000.

        (5)         The person liable to pay the duty is a trustee, or a custodian of a trustee, of the superannuation fund, as is relevant.

        [Section 123 inserted: No. 15 of 2015 s. 4.]



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback