Duties Amendment (Managed Investments) Act 1998 (NSW)

New South Wales

Duties Amendment (Managed Investments) Act 1998 No 63

Contents

Page

1 Name of Act	2
2 Commencement	2

3 Amendment of Duties Act 1997 No 123 2

Schedule 1 Amendments 3

New South Wales

Duties Amendment (Managed Investments) Act 1998 No 63

Act No 63, 1998

An Act to amend the Duties Act 1997 to provide that ad valorem duty is not chargeable in respect of a transfer of dutiable property made for the purpose of complying with the Commonwealth regulatory regime for certain investment schemes (introduced by the proposed Managed Investments Act 1998 of the Commonwealth); and for other purposes. [Assented to 30 June 1998]

Section 1 Duties Amendment (Managed Investments) Act 1998 No 63

The Legislature of New South Wales enacts:

1 Name of Act

This Act is the Duties Amendment (Managed Investments) Act

1998.

2 Commencement

This Act commences or is taken to have commenced on the date of commencement of the Managed Investments Act 1998 of the Commonwealth.

3 Amendment of Duties Act 1997 No 123

The Duties Act I997 is amended as set out in Schedule 1.

Duties Amendment (Managed Investments) Act 1998 No 63

Amendments Schedule 1

Schedule 1 Amendments

(Section 3)

[1]        Section 54 Change in trustees

Insert in alphabetical order in section 54 (1):

responsible entity means a responsible entity within the
meaning of the Corporations Law.

[2]        Section 54 (4)

Insert after section 54 (3):

(4) Duty of $10 is chargeable in respect of a transfer of dutiable property to a responsible entity if the Chief Commissioner is satisfied that the transfer is a necessary consequence of an undertaking to which Division 11 of Part 9.11 of the Corporations Law applies becoming a registered scheme within the meaning of that Division.

[3]        Section 59

Omit the section. Insert instead:

59 Instrument relating to managed investment scheme

(1)

Duty of $10 is chargeable in respect of an instrument

that:

(a)	amends, varies or replaces an instrument that establishes a managed investment scheme, and
(b)	does not transfer, or have the effect of transferring, any dutiable property to a person who does not hold units in the scheme, and
(c)	does not have the effect of reducing the number of persons who hold units in the scheme.

Duties Amendment (Managed Investments) Act 1998 No 63

Schedule 1 Amendments

(2) In this section, a managed investment scheme means a managed investment scheme within the meaning of the Corporations Law that complies with Chapter 5C of that Law.

[Minister’s second reading speech made in—

Legislative Assembly on 17 June 1998

Legislative Council on 24 June 1998]

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