61Transfers of property in connection with persons changing superannuation funds

#### 61 Transfers of property in connection with persons changing superannuation funds 61 Transfers of property in connection with persons changing superannuation funds > > (1) This section applies to a relevant transfer that occurs in connection with a person— > > > > > (a) ceasing to be a member of, or otherwise ceasing to be entitled to benefits in respect of, a superannuation fund that is a complying superannuation fund or was a complying superannuation fund within the period of 12 months before the transfer was made, and > > > > > (b) being or becoming a member of, or otherwise being or becoming entitled to benefits in respect of, another superannuation fund that is also a complying superannuation fund or will, in the opinion of the trustees of both funds concerned, be a complying superannuation fund within 12 months after the transfer is made. > > > (1A) For the purposes of this section, each of the following is a relevant transfer— > > > > > (a) a transfer of, or an agreement to transfer, dutiable property from a trustee of a superannuation fund, or a custodian of the trustee, to the trustee of another superannuation fund, or to a custodian of the trustee of another superannuation fund, > > > > > (b) a transfer of, or an agreement to transfer, dutiable property from a trustee of a superannuation fund to a custodian of the trustee, or from a custodian of the trustee of a superannuation fund to the trustee, > > > > > (c) a transfer of, or an agreement to transfer, marketable securities from a trustee of a pooled superannuation trust, made in exchange for a redemption of units in the trust, to the trustee of a superannuation fund, or a custodian of the trustee of a superannuation fund, > > > > > (c1) a transfer of, or an agreement to transfer, marketable securities from the trustee of a superannuation fund, or a custodian of the trustee of a superannuation fund, made in exchange for the issue of units in a pooled superannuation trust, to a trustee of the pooled superannuation trust, > > > > > (d) a transfer of, or an agreement to transfer, marketable securities from a life company or custodian for a life company to the trustee of a superannuation fund or a custodian of the trustee of a superannuation fund if the transfer is made in consideration of the surrender or termination, by the trustee of the superannuation fund of which the person has ceased to be a member, of a policy of life insurance issued by the life company, > > > > > (e) a transfer of, or an agreement to transfer, marketable securities from the trustee of a superannuation fund or a custodian of the trustee of a superannuation fund to a life company or custodian for a life company if the transfer is made in consideration of the issue, by the life company, of a policy of life insurance to the trustee of the superannuation fund of which the person has become a member. > > > (1B) This section does not apply to a relevant transfer if— > > > > > (a) the dutiable property transferred, or agreed to be transferred, has a value that is more than the value of the benefits to which the person is entitled— > > > > > > > (i) at the time of the transfer or agreement to transfer, and > > > > > > > (ii) in respect of the superannuation fund for which the person ceases to be entitled to benefits, or > > > > > (b) consideration is given for dutiable property transferred or agreed to be transferred except as provided in subsection (1A)(d) and (e). > > > (1C) For subsection (1B)(b), an undertaking by the trustee of a superannuation fund to provide rights and benefits to a person in accordance with the rules of the superannuation fund is not consideration. > > > (2) The duty chargeable on a relevant transfer to which this section applies is ad valorem duty in accordance with this Chapter or $750, whichever is the lesser. > > > (2A) This section applies despite section 18 (2) and (3). > > > (3) An application for an assessment of duty in accordance with this section is to be accompanied by the following— > > > > > (a) a brief explanation of the background to the transfer and the entitlements to be extinguished and created, > > > > > (b) copies of the governing rules of the superannuation funds concerned, > > > > > (c) a statement of the property to be transferred, > > > > > (d) a copy of each instrument relating to the transfer, > > > > > (e) a declaration, in the approved form, from a trustee (or a director of a corporate trustee) of each of the superannuation funds concerned stating that, in the opinion of the trustee (or director), the fund the person will become a member of, or otherwise become entitled to benefits in respect of, will be a complying superannuation fund within 12 months after the transfer occurs. > > > (4) The Chief Commissioner may require further information. > > > (5) In this section, complying superannuation fund includes a complying approved deposit fund and an eligible rollover fund. > > **s 61:** Am 1998 No 44, Sch 1 \[10\]; 2005 No 111, Sch 1 \[1\]–\[3\]; 2008 No 122, Sch 1.2 \[7\]; 2010 No 46, Sch 1.3 \[8\]; 2010 No 118, Sch 1 \[3\]–\[6\]; 2011 No 50, Sch 1 \[1\]; 2017 No 25, Sch 2.4 \[1\]; 2023 No 18, Sch 1\[9\] \[10\]; 2023 No 26, Sch 1\[4\].