sec.416Start of use requirement

### sec.416 Start of use requirement For property held on trust for a charitable institution, the commissioner must be satisfied— the property will start to be used for the institution for a qualifying exempt purpose on or before the date that is 6 months after the liability for transfer duty on the transaction would, apart from the exemption under division 1 , arise or the later date fixed by the commissioner by notice given to the institution (the start date ); and the property will be used solely or almost solely for the institution for a qualifying exempt purpose for the period starting on the date the property is used for the institution for a qualifying exempt purpose and ends 1 year after that date or the later date fixed by the commissioner by notice given to the institution (the duration period ). In relation to subsection (1) (a) , see also section 620 . For other property, the commissioner must be satisfied— the property acquired or insured will start to be used by the charitable institution for a qualifying exempt purpose on or before the date stated in subsection (3) (also the start date ); and the property will be used solely or almost solely by the institution for a qualifying exempt purpose for the period stated in subsection (4) (also the duration period ). For subsection (2) (a) , the start date is— for a dutiable transaction that is an acquisition of dutiable property—6 months after the liability for transfer duty on the transaction would, apart from the exemption under division 1 , arise or the later date fixed by the commissioner by notice given to the institution; or for a premium for a contract of general insurance—immediately after the premium is paid; or for an application to register or transfer a vehicle—immediately after the application is made. In relation to subsection (3) (a) , see also section 620 . For subsection (2) (b) , the duration period starts— for a dutiable transaction that is an acquisition of dutiable property—on the date the charitable institution starts to use the property for a qualifying exempt purpose and ends 1 year after that date or the later date fixed by the commissioner by notice given to the institution; or for a premium for a contract of general insurance—on the start date and ends 1 year after payment of the premium; or for an application to register or transfer a vehicle—on the start date and ends 9 months after the application is made. s 416 amd 2005 No. 60 s 36 sch 2 ; 2006 No. 44 s 55 ; 2008 No. 39 s 11 ; 2010 No. 11 s 52 ; 2010 No. 15 s 98 sch 3 ; 2015 No. 4 s 21 (sec.416-ssec.1) For property held on trust for a charitable institution, the commissioner must be satisfied— the property will start to be used for the institution for a qualifying exempt purpose on or before the date that is 6 months after the liability for transfer duty on the transaction would, apart from the exemption under division 1 , arise or the later date fixed by the commissioner by notice given to the institution (the start date ); and the property will be used solely or almost solely for the institution for a qualifying exempt purpose for the period starting on the date the property is used for the institution for a qualifying exempt purpose and ends 1 year after that date or the later date fixed by the commissioner by notice given to the institution (the duration period ). In relation to subsection (1) (a) , see also section 620 . (sec.416-ssec.2) For other property, the commissioner must be satisfied— the property acquired or insured will start to be used by the charitable institution for a qualifying exempt purpose on or before the date stated in subsection (3) (also the start date ); and the property will be used solely or almost solely by the institution for a qualifying exempt purpose for the period stated in subsection (4) (also the duration period ). (sec.416-ssec.3) For subsection (2) (a) , the start date is— for a dutiable transaction that is an acquisition of dutiable property—6 months after the liability for transfer duty on the transaction would, apart from the exemption under division 1 , arise or the later date fixed by the commissioner by notice given to the institution; or for a premium for a contract of general insurance—immediately after the premium is paid; or for an application to register or transfer a vehicle—immediately after the application is made. In relation to subsection (3) (a) , see also section 620 . (sec.416-ssec.4) For subsection (2) (b) , the duration period starts— for a dutiable transaction that is an acquisition of dutiable property—on the date the charitable institution starts to use the property for a qualifying exempt purpose and ends 1 year after that date or the later date fixed by the commissioner by notice given to the institution; or for a premium for a contract of general insurance—on the start date and ends 1 year after payment of the premium; or for an application to register or transfer a vehicle—on the start date and ends 9 months after the application is made. - (a) the property will start to be used for the institution for a qualifying exempt purpose on or before the date that is 6 months after the liability for transfer duty on the transaction would, apart from the exemption under division 1 , arise or the later date fixed by the commissioner by notice given to the institution (the start date ); and - (b) the property will be used solely or almost solely for the institution for a qualifying exempt purpose for the period starting on the date the property is used for the institution for a qualifying exempt purpose and ends 1 year after that date or the later date fixed by the commissioner by notice given to the institution (the duration period ). - (a) the property acquired or insured will start to be used by the charitable institution for a qualifying exempt purpose on or before the date stated in subsection (3) (also the start date ); and - (b) the property will be used solely or almost solely by the institution for a qualifying exempt purpose for the period stated in subsection (4) (also the duration period ). - (a) for a dutiable transaction that is an acquisition of dutiable property—6 months after the liability for transfer duty on the transaction would, apart from the exemption under division 1 , arise or the later date fixed by the commissioner by notice given to the institution; or - (c) for a premium for a contract of general insurance—immediately after the premium is paid; or - (d) for an application to register or transfer a vehicle—immediately after the application is made. - (a) for a dutiable transaction that is an acquisition of dutiable property—on the date the charitable institution starts to use the property for a qualifying exempt purpose and ends 1 year after that date or the later date fixed by the commissioner by notice given to the institution; or - (c) for a premium for a contract of general insurance—on the start date and ends 1 year after payment of the premium; or - (d) for an application to register or transfer a vehicle—on the start date and ends 9 months after the application is made.