South Australian Consolidated Acts

STAMP DUTIES ACT 1923 - SECT 71F

71F—Statutory transfers

        (1)         A statutory transfer is a transfer or vesting of assets or liabilities that takes effect by or under the provisions of a special Act.

        (2)         The parties to a statutory transfer must, within 2 months after a statutory transfer takes effect, lodge with the Commissioner a statement in a form approved by the Commissioner setting out—

            (a)         a description of the property subject to the statutory transfer; and

            (b)         the value of that property; and

            (c)         any other information required by the Commissioner.

        (3)         Duty is payable on the statement as if it were a conveyance, executed by the parties to the statutory transfer, operating as a voluntary disposition inter vivos of the property subject to the statutory transfer.

        (4)         If a statement is not lodged as required by this section within 2 months after the statutory transfer takes effect—

            (a)         each party to the transfer is guilty of an offence and liable to a penalty not exceeding $10 000; and

            (b)         the parties to the transfer are jointly and severally liable to pay duty to the Commissioner as if such a statement had been lodged with the Commissioner immediately before the end of that period of 2 months.

        (5)         A statutory transfer arising from the merger of credit unions, or transferring assets from one credit union to another, is exempt from this section.

        (6)         In this section—

"special Act" means—

            (a)         the Financial Sector (Transfer of Business) Act 1999 ; or

            (b)         the Financial Sector (Transfer of Business) Act 1999 of the Commonwealth; or

            (c)         any other Act of the State, another State, or the Commonwealth prescribed by regulation for the purposes of this section.

Note—

No liability to duty arises in relation to the following:

        •         a mortgage, bond, debenture, covenant or warrant of attorney executed, or that first affects property in South Australia, on or after 1 July 2009;

        •         a mortgage executed, or that first affects property in South Australia, before 1 July 2009 if no advance secured under the mortgage is made before that day;

        •         an advance or further advance on or after 1 July 2009 under a mortgage first executed, or that first affects property in South Australia, before that day.

See Part 4A Division 2.