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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

9. Transfers of property in connection with persons changing superannuation funds

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Section 61 of the Duties Act 1997

Included in the amendments to section 61 of the Duties Act 1997 was the amendment to section 61(1)(b) and the addition of 61(1B) and 61(1C).

61(1)(b)

The amendment to subsection (1)(b) clarifies that the concessional duty provisions that apply to a person who is consolidating their superannuation into a fund of which they are already a member apply in the same way to a person changing superannuation funds.

61(1B) and 61(1C)

The inclusion of these subsections clarifies that for both consolidation of a members super or transferring to a new fund, the concession under section 61 is only to the extent that the:

  • value of the dutiable property does not exceed the relevant members superannuation entitlement and
  • No consideration is given in relation to the transfer.

An undertaking by the trustee of a superannuation fund to provide rights and benefits in accordance with the rules of the fund is not consideration.

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.

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What are the evidentiary requirements?

There are some changes to the Duties Act evidentiary requirements: Section 61.

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 “Transfers of property in connection with persons changing superannuation funds - section 61”.

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.