The State Revenue Legislation Amendment Act 2011 received assent on 25 October 2011.
Extends an existing duty concession, that applies to certain transfers of dutiable property that are made in connection with a person changing superannuation funds, to trustees and custodians. The amendment provides for payment of duty of $500 on a transfer of marketable securities from the trustee or trustee of a custodian of a superannuation fund, to a life company or custodian of a life company if the transfer is made in consideration of the issue of a policy of life insurance in connection with changing superannuation funds.
Establishes a duty concession that applies to certain transfers of shares or units in a unit trust scheme that are made in connection with a person changing superannuation funds. The duty concession applies to acquisitions of interests in landholders. Duty is charged at a concessional rate of $500.
Extends a provision that exempts from duty instruments establishing or transferring property to, special disability trusts within the meaning of the Social Security Act 1991. The amendments extends the provision to special disability trusts within the meaning of the Veterans’ Entitlement Act 1986.