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Revenue, Fines and Other Legislation Amendment Act 2023 guide

Chapters

  1. Overview
  2. Vesting of land
  3. When does a liability for duty arise?
  4. Aggregation of dutiable transactions
  5. Effect of alteration in purchase price
  6. Transfers in relation to managed investment schemes
  7. Property vested to an apparent purchaser
  8. Establishment of a trust relating to unidentified property and non-dutiable property
  9. Transfers of property in connection with persons changing superannuation funds
  10. Registered native title body corporates
  11. Valuation of property
  12. Changes to the Taxation Administration Act

6. Transfers in relation to managed investment schemes

On this page

Section 54A of the Duties Act 1997

Amendments to section 54A of the Duties Act 1997 include changes to subsections (7) and (8) and the addition of subsection (9).

Section 54A(7)

The amendment to 54A(7) applies transfer concessions to particular transfers consequent on the de-registration of managed investment schemes.

That is, a concessional rate of $50 will be payable if:

  • the managed investment scheme is de-registered and
  • the transfer is from a custodian of the trustee of the scheme to the trustee of the scheme.

Section 54A(8) and (9)

Amendments to section 54A(8) and inclusion of section 54A(9), defines a wholly owned sub-trust of a managed investment scheme.

To summarise, a wholly owned sub-trust of a managed investment scheme includes a sub-trust that is jointly owned by the managed investment scheme and another wholly owned sub-trust of the managed investment scheme.

Further explanation and examples are provided within section 54A of the Duties Act 1997.

When does the change take effect?

Amendments made to this section of the Duties Act 1997 apply to transactions that occur on or after 4 September 2023.

What are the evidentiary requirements?

There are some changes to the Duties Act evidentiary requirements: Section 54A.

This information has been updated on our website and includes a link to the client identification requirements and forms for this transaction type.

How are these transactions processed?

There is no change to the processing this transaction type.

These transactions will continue to be submitted via eDuties using application “Assessment - change in trustee - section 54”.

Where can I find more information?

 

Note

Revenue rulings and CPNs impacted by this change are currently being reviewed. This guide will be updated once any updated rulings and CPNs become available. Existing Revenue rulings can be found on our Revenue rulings page.